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EXHIBIT 10.17

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of December 30, 2019, by and among POOL CORPORATION, a Delaware corporation (the “US Borrower”), SCP DISTRIBUTORS CANADA INC., a company organized under the laws of Ontario (the “Canadian Borrower”), SCP INTERNATIONAL, INC., a Delaware corporation (the “Euro Borrower” and, collectively with the US Borrower and the Canadian Borrower, the “Borrowers”), the Subsidiary Guarantors party hereto, each Lender (as defined below) party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, the “Administrative Agent”).
Statement of Purpose
The Borrowers, each of the lenders party thereto (collectively, the “Lenders” and, each individually, a “Lender”) and the Administrative Agent are party to that certain Amended and Restated Credit Agreement dated as of September 29, 2017 (as amended by the First Amendment to Amended and Restated Credit Agreement dated as of September 21, 2018 and the Second Amendment to Amended and Restated Credit Agreement and First Amendment to Amended and Restated Subsidiary Guaranty Agreement dated as of November 7, 2019 and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 
The US Borrower has informed the Administrative Agent that it plans to borrow a $185,000,000 term loan from Bank of America, N.A. and, if applicable, certain other lenders arranged by Bank of America, N.A. or one of its affiliates (the “BofA Term Loan Facility”).
The Borrowers have requested, and the Administrative Agent and the Lenders have agreed, subject to the terms and conditions set forth herein, to amend the Credit Agreement in each case as specifically set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1. Capitalized Terms.  All capitalized undefined terms used in this Amendment (including, without limitation, in the Statement of Purpose hereto) shall have the meanings assigned thereto in the Credit Agreement.  This Amendment shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

2. Amendments. Subject to and in accordance with the terms and conditions set forth herein, the parties hereto hereby agree that the Credit Agreement is amended as follows:

(a) the definition of “Qualified Unsecured Issuances” contained in Section 1.1 of the Credit Agreement is hereby amended by (i) replacing the reference in clause (a) thereof to $150,000,000 with “$185,000,000” and (ii) adding the following phrase to the end of clause (b) thereof: 
“ (other than customary equal and ratable provisions that would permit the Obligations to be secured on at least a pari passu basis with such Indebtedness)” 

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(b) Section 5.8(g) of the Credit Agreement is hereby amended to replace the reference to “Borrower” in clause (2) of the definition of “Early Opt-in Election” with “US Borrower”.
(c) Section 11.2 of the Credit Agreement is hereby amended as follows:
(i) by deleting the “and” at the end of clause (j) thereof;

(ii) by replacing the period at the end of clause (k) thereof with “; and”; and

(iii) inserting a new clause (l) thereto to read in its entirety as follows:

“(l)  Liens securing Indebtedness permitted under Section 11.1(q) so long as the Obligations are secured on an equal and ratable basis pursuant to an intercreditor agreement in form and substance satisfactory to the Administrative Agent.”

(d) Section 11.11 of the Credit Agreement is hereby amended by amending and restating clause (a) thereof to read in its entirety as follows:
“(a)  Enter into any Indebtedness which contains any negative pledge on assets or any covenants more restrictive than the provisions of Articles IX, X and XI hereof, or which restricts, limits or otherwise encumbers its ability to incur Liens on or with respect to any of its assets or properties other than the assets or properties securing such Indebtedness (other than (i) Indebtedness permitted pursuant to Section 11.1(q) of this Agreement (provided that any such negative pledge, restriction, limitation or encumbrance is no more restrictive than this Agreement and permits the US Borrower and its Subsidiaries to secure the Obligations at least on a pari passu basis with such Indebtedness (including pursuant to a customary “equal and ratable” clause)) and (ii) Indebtedness incurred by a Special Purpose Subsidiary solely in connection with an Accounts Securitization).”

3. Effectiveness.  This Amendment shall become effective on the date when the following conditions shall have been satisfied or waived (such date, the “Amendment Effective Date”):

(a) The Administrative Agent shall have received each of the following (in form and substance reasonably satisfactory to the Administrative Agent):
(i) counterparts of this Amendment executed by the Borrowers, the Subsidiary Guarantors, the Administrative Agent, each of the Lenders, the Euro Lender and the Canadian Dollar Lender; 
(ii) a certificate of a Responsible Officer of the US Borrower certifying that (a) attached thereto is a true, correct and complete executed copy of the loan agreement (or equivalent) governing the BofA Term Loan Facility (the “BofA Term Loan Agreement”) and (b) the BofA Term Loan Facility meets all of the requirements of a Qualified Unsecured Issuance under, and as defined in, the Credit Agreement (including attaching to such certificate the Officer’s Compliance Certificate required thereby); and
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(iii) such other instruments, documents and certificates as the Administrative Agent shall reasonably request in connection with the execution of this Amendment.  
(b) Each representation and warranty contained in the Credit Agreement and the other Loan Documents is true, correct and complete in all material respects (except to the extent such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects) as of the Amendment Effective Date as if fully set forth herein, other than any such representations or warranties that, by their express terms, refer to an earlier date, in which case they shall have been true and correct as of such earlier date.
(c) No Default or Event of Default has occurred and is continuing as of the Amendment Effective Date or would result after giving effect hereto.
(d) The BofA Term Loan Facility shall have been consummated substantially concurrently with the effectiveness of this Amendment pursuant to, and in accordance with, the BofA Term Loan Agreement and the Borrower or one of the Subsidiary Guarantors shall have received $185,000,000 in cash proceeds thereof.
4. Limited Effect.  Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect.  This Amendment shall not be deemed (a) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, or (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrowers, any of their respective Subsidiaries or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents.  References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, “hereof” or other words of like import) and in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby.  

5. Representations and Warranties.  By its execution hereof, each Credit Party hereby represents and warrants as follows: 

(a) such Credit Party has the right, power and authority and has taken all necessary corporate, limited liability and other action to authorize the execution, delivery and performance of this Amendment and each other document executed in connection herewith to which it is a party in accordance with their respective terms; and
(b) this Amendment and each other document executed in connection herewith has been duly executed and delivered by its duly authorized officers, and each such document constitutes the legal, valid and binding obligation of such Credit Party, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.
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6. Acknowledgement and Reaffirmation.  By their execution hereof, each Credit Party hereby expressly (a) consents to this Amendment and (b) acknowledges that such Credit Party’s covenants, representations, warranties and other obligations set forth in the Credit Agreement, the Notes, the Letter of Credit Applications, the Subsidiary Guaranty Agreement and the other Loan Documents to which such Credit Party is a party remains in full force and effect. 

7. Costs, Expenses and Taxes. The Borrowers agree to pay in accordance with Section 15.3 of the Credit Agreement all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration and enforcement of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder and thereunder. 

8. Execution in Counterparts.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart hereof.  

9. Governing Law.  This Amendment and the rights and obligations of the parties under this Amendment shall be governed by, and construed and interpreted in accordance with, the law of the state of New York.

10.  Jurisdiction and Venue; Waiver of Jury Trial.  Sections 15.6 and 15.7 of the Credit Agreement are hereby incorporated by this reference as if fully stated herein mutatis mutandis.

11. Entire Agreement.  This Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter.

12. Successors and Assigns.  This Amendment shall be binding on and insure to the benefit of the parties and their heirs, beneficiaries, successors and permitted assigns.

[Signature Pages Follow]

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

BORROWERS:    
POOL CORPORATION, as US Borrower
By: /s/ Jennifer M. Neil 
Name:  Jennifer M. Neil
Title:   Chief Legal Officer, Vice President and Secretary
        
SCP DISTRIBUTORS CANADA INC., as Canadian Borrower
By: /s/ Jennifer M. Neil 
Name:   Jennifer M. Neil
Title:   Secretary

SCP INTERNATIONAL, INC., as Euro Borrower
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   Chief Accounting Officer and Assistant Secretary

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

SUBSIDIARY GUARANTORS:  
SCP DISTRIBUTORS LLC, as Subsidiary Guarantor
By: /s/ Jennifer M. Neil 
Name:  Jennifer M. Neil
Title:   Chief Legal Officer, Vice President and Secretary
        
SPLASH HOLDINGS, INC., as Subsidiary Guarantor 
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   Chief Accounting Officer and Assistant Secretary
ALLIANCE TRADING, INC., as Subsidiary Guarantor
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   President and Secretary
        
CYPRESS, INC., as Subsidiary Guarantor
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   President and Secretary

SUPERIOR POOL PRODUCTS LLC, as Subsidiary Guarantor
By: /s/ Jennifer M. Neil 
Name:  Jennifer M. Neil
Title:   Chief Legal Officer, Vice President and Secretary

SCP INTERNATIONAL, INC., as Subsidiary Guarantor
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   Chief Accounting Officer and Assistant Secretary

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

POOL DEVELOPMENT LLC, as Subsidiary Guarantor
By: /s/ Jennifer M. Neil 
Name:  Jennifer M. Neil
Title:   Chief Legal Officer, Vice President and Secretary

HORIZON DISTRIBUTORS, INC., as Subsidiary Guarantor
By: /s/ Jennifer M. Neil 
Name:  Jennifer M. Neil
Title:   Chief Legal Officer, Vice President and Secretary
        
POOLFX SUPPLY LLC, as Subsidiary Guarantor
By: /s/ Melanie Housey Hart 
Name:  Melanie Housey Hart
Title:   Secretary and Treasurer

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

ADMINISTRATIVE AGENT
AND LENDERS:    
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Swingline Lender, an Issuing Lender, the Canadian Dollar Lender, the Euro Lender and a Lender
By: /s/ James Travagline 
Name:  James Travagline
Title:    Managing Director

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

BANK OF AMERICA, N.A., as Lender

By: /s/ Adam Rose 
Name:  Adam Rose
Title:    SVP

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

MUFG UNION BANK, N.A., as Lender

By: /s/ George Stoecklein 
Name:  George Stoecklein
Title:    Managing Director
Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

CAPITAL ONE, N.A., as Lender

By: /s/ Kiel Johnson 
Name:  Kiel Johnson
Title:    Vice President

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

REGIONS BANK, as Lender

By: /s/ Jorge E. Goris
Name:  Jorge E. Goris
Title:    SVP
Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

TRUST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY, as Lender

By: /s/ Daniel P. Deluca
Name:  Daniel P. Deluca
Title:    Assistant Vice President

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

JPMORGAN CHASE BANK, N.A., as Lender

By: /s/ Erica Babycos
Name:  Erica Babycos
Title:    Authorized Signer

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature Page

THE BANK OF EAST ASIA, LTD., NEW YORK BRANCH, as Lender.

By: /s/ James Hua
Name:  James Hua
Title:    SVP
By: /s/ Kitty Sin
Name:  Kitty Sin
Title:    SVP

Third Amendment to Amended and Restated Credit Agreement
Pool Corporation
Signature PageExhibit

Exhibit 4.3

DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
 
As of the date of this Annual Report on Form 10-K, ExlService Holdings, Inc., has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, par value $0.001 per share (“common stock”). The following description of our capital stock and of certain provisions of our amended and restated certificate of incorporation, as amended (“certificate of incorporation”), and fifth amended and restated by-laws (“by-laws”) and certain provisions of Delaware law do not purport to be complete and are subject to and qualified in their entirety by reference by the full text of our certificate of incorporation and our by-laws, and the General Corporation Law of the State of Delaware (the “DGCL”). References in this section to the “Company,” “we,” “us” and “our” refer to ExlService Holdings, Inc. and not to any of its subsidiaries. 
Our authorized capital stock consists of 100,000,000 shares of common stock and 15,000,000 of preferred stock. No shares of preferred stock are outstanding.
Common Stock
Voting Rights
The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders, including the election of directors. Holders of the common stock do not have cumulative voting rights, which means that the holders of a majority of the shares of common stock cast in the election of a director in an uncontested election (as defined in our by-laws) can elect each director then being elected.
Preemptive Rights
Holders of the common stock do not have any preemptive rights under our certificate of incorporation or by-laws.
Dividends; Liquidation Rights
The holders of our common stock are entitled to receive dividends when, as, and if declared by our board out of legally available funds. Upon our liquidation or dissolution, the holders of common stock will be entitled to share ratably in those of our assets that are legally available for distribution to stockholders after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding. 
Other Rights
No conversion, redemption or sinking fund provisions apply to our common stock, and all of the outstanding shares of common stock are fully paid and nonassessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of shares of any series of preferred stock that may be issued in the future.
Preferred Stock
We are authorized, without shareholder approval, to issue up to 15,000,000 shares of preferred stock. Our board of directors is authorized, subject to limitations prescribed by Delaware law and our certificate of incorporation, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued in one or more series, the number of shares to be included in each series and the powers, designations, preferences and rights of the shares. Our board of directors also is authorized to designate any qualifications, limitations or restrictions on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of our company and may adversely affect the voting and other rights of the holders of our common stock. 
Certain Certificate of Incorporation, By-Law and Statutory Provisions
Certain of the provisions of our certificate of incorporation and by-laws and of the DGCL summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a holder of shares of our common stock might consider in its interest, including an attempt that might result in a receipt of a premium over the market price for such shares.
Directors’ Liability; Indemnification of Directors and Officers
Our certificate of incorporation provides that a director will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except:
		
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	for any breach of the duty of loyalty; 

		
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	for acts or omissions not in good faith or which involve intentional misconduct or knowing violations of law;

		
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	for liability under Section 174 of the DGCL (relating to unlawful dividends, stock repurchases, or stock redemptions); or

		
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	for any transaction from which the director derived any improper personal benefit.

This provision does not limit or eliminate our rights or those of any stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director’s duty of care. The provisions do not alter the liability of directors under federal securities laws. In addition, our certificate of incorporation and by-laws provide that we indemnify each director and the officers, employees, and agents determined by our board of directors to the fullest extent provided by the laws of the State of Delaware.
Special Meetings of Stockholders
Our certificate of incorporation provides that special meetings of stockholders may be called only by the chairman or by a majority of the members of our board. Stockholders are not permitted to call a special meeting of stockholders, to require that the chairman call such a special meeting, or to require that our board request the calling of a special meeting of stockholders.
Stockholder Action; Advance Notice Requirements for Stockholder Proposals and Director Nominations
Our certificate of incorporation provides that stockholders may not take action by written consent, but may only take action at duly called annual or special meetings, unless the action to be effected by written consent and the taking of such action by written consent have expressly been approved in advance by the board. In addition, our by-laws establish advance notice procedures for:
		
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	stockholders to nominate candidates for election as a director; and

		
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	stockholders to propose topics for consideration at stockholders’ meetings.

Stockholders must notify our corporate secretary in writing prior to the meeting at which the matters are to be acted upon or directors are to be elected. The notice must contain the information specified in our by-laws. To be timely, the notice must be received at our corporate headquarters not less than 90 days nor more than 120 days prior to the first anniversary of the date of the prior year’s annual meeting of stockholders. If the annual meeting is advanced by more than 30 days, or delayed by more than 70 days, from the anniversary of the preceding year’s annual meeting, or if no annual meeting was held in the preceding year or for the first annual meeting following this offering, notice by the stockholder, to be timely, must be received not earlier than the 120th day prior to the annual meeting and not later than the later of the 90th day prior to the annual meeting or the 10th day following the day on which we notify stockholders of the date of the annual meeting, either by mail or other public disclosure. In the case of a special meeting of stockholders called to elect directors, the stockholder notice must be received not earlier than 120 days prior to the special meeting and not later than the later of the 90th day prior to the special meeting or 10th day following the day on which we notify stockholders of the date of the special meeting, either by mail or other public disclosure. Notwithstanding the above, in the event that the number of directors to be elected to the board at an annual meeting is increased and we do not make any public announcement naming the nominees for the additional directorships at least 100 days before the first anniversary of the preceding year’s annual meeting, a stockholder notice of nomination shall also be considered timely, but only with respect to nominees for the additional directorships, if it is delivered not later than the close of business on the tenth day following the day on which such public announcement is first made. These provisions may preclude some stockholders from bringing matters before the stockholders at an annual or special meeting or from nominating candidates for director at an annual or special meeting.
Election and Removal of Directors
Our certificate of incorporation and by-laws provide for the declassification of our board of directors over a three-year period that began at the 2019 annual meeting of stockholders. Previously, the board of directors was divided into three classes (Class I, Class II and Class III), each elected to hold office for a three-year term, or until their successors were duly elected and qualified. The terms of the classes were staggered, so that only one of the three classes stood for election for a three-year term at each annual meeting of stockholders. At the 2019 annual meeting of stockholders, each of the Class I director nominees elected by our stockholders was elected to hold office for a term of one year, or until their successors are duly elected and qualified in accordance with our by-laws, at the 2020 annual meeting of stockholders, each of the Class I and Class II director nominees elected by our stockholders will be elected to hold office for a term of one year, or until their successors are duly elected and qualified in accordance with our by-laws, and at the 2021 annual meeting of stockholders, each of the Class I, Class II and Class III director nominees elected by our stockholders will be elected to hold office for a term of one year, or until their successors are duly elected and qualified in accordance with our by-laws, and thereafter the classification of the board of directors will terminate in its entirety.  
Our stockholders may only remove directors for cause and with the vote of at least 662⁄3% of the total voting power of our issued and outstanding capital stock entitled to vote in the election of directors. Our board of directors may elect a director to fill a vacancy, including vacancies created by the expansion of the board of directors. This system of electing and removing directors may discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of our directors.
Our certificate of incorporation and by-laws do not provide for cumulative voting in the election of directors.

Amendment of the Certificate of Incorporation and By-Laws
Our certificate of incorporation will provide that the affirmative vote of the holders of at least 662⁄3% of the voting power of our issued and outstanding capital stock entitled to vote in the election of directors, is required to amend the following provisions of our certificate of incorporation:
		
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	the provisions relating to our classified board of directors;

		
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	the provisions relating to the number and election of directors, the appointment of directors upon an increase in the number of directors or vacancy, and the provisions relating to the removal of directors;

		
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	the provisions requiring a 662⁄3% stockholder vote for the amendment of certain provisions of our articles of incorporation and for the adoption, amendment or repeal of our by-laws;

		
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	the provisions relating to the restrictions on stockholder actions by written consent; and

		
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	the provisions relating to the calling of meetings of stockholders.

In addition, the board of directors will be permitted to alter our by-laws without obtaining stockholder approval and the affirmative vote of holders of at least 662⁄3% of the voting power of our issued and outstanding capital stock entitled to vote in the election of directors will be required for any amendment to our by-laws by the stockholders.
Anti-Takeover Provisions of Delaware Law
We are subject to the provisions of Section 203 of the DGCL. In general, Section 203 prevents an interested stockholder (defined generally as a person owning 15% or more of the corporation’s outstanding capital stock entitled to vote generally in the election of directors) of a Delaware corporation from engaging in a business combination (as defined) for three years following the date that person became an interested stockholder unless various conditions are satisfied.
Stock Exchange Listing
Our common stock is listed on the NASDAQ Global Select Market under the symbol “EXLS”.

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