Document:

ex10-1.htm

Exhibit 10.1

 

C&F Financial Corporation

 

Management Incentive Plan

 

 

ARTICLE I

 

OBJECTIVE OF THE PLAN

 

The purpose of the Management Incentive Plan (“MIP”) is to attract, retain and motivate key employees by providing incentive awards to designated executive, managerial and professional employees of C&F Financial Corporation (“Company”) and its direct or indirect subsidiaries.

 

The MIP is designed to link key employee interests more closely with the interests of the Company’s shareholders and to create value for the Company by maximizing achievement of corporate, business unit and individual performance goals.

 

Each Participant’s award under this MIP will take into account corporate performance as well as, where appropriate, his or her own business unit’s performance. Awards under the MIP may also reflect individual performance. 

 

ARTICLE II

 

PLAN ADMINISTRATION

 

The MIP will be administered by the Compensation Committee (“Committee”) which will have the power and authority to interpret the MIP, select employees to participate in the MIP, establish target awards and performance objectives under the MIP, and establish guidelines for determining individual awards and rules for the operation and administration of the MIP. Notwithstanding the restrictions contained in Article V below, the Committee will also have the power and authority to adjust upward or downward any target award earned, at its discretion, in light of such considerations as the Committee may deem relevant (but subject to applicable limitations of the Company’s 2013 Stock and Incentive Stock Plan).

 

Except as expressly otherwise provided herein in the case of Named Executive Officers, which include the Chief Executive Officer, the President, the Chief Credit Officer of C&F Bank, the President of C&F Finance Company and the Chief Executive Officer of C&F Mortgage Company, or as prohibited by any national securities exchange or system on which the Company’s stock is then listed or reported, by any regulatory body having jurisdiction with respect thereto or under any other applicable laws, rules or regulations, the Committee may delegate one or more of its powers or responsibilities to one or more of its members and/or to one or more of the officers of the Company.

 

The Chief Executive Officer’s incentive awards (whether cash or in the form of equity awards) will be determined solely by the Committee, taking into account the overall Company performance relative to the established business plan (“Corporate Goal”)and the Chief Executive Officer shall not be present during such deliberations or voting.

 

The MIP is an annual plan, is first effective January 1, 2005 and shall remain in effect until amended or terminated by the Board of Directors. A new plan year shall commence on the first business day of each fiscal year of the Company. The Committee shall review the MIP annually and recommend any amendments or revisions thereto which it deems appropriate or desirable, for approval by the Board of Directors.

 

 

 

 

 

ARTICLE III

 

PARTICIPANTS

 

Persons who may participate in the MIP are limited to key employees of the Company and its direct or indirect subsidiaries who are recommended by the Chief Executive Officer and approved by the Committee (“Participants”). 

 

To be eligible for the MIP in any particular year, key employees must be employees of the Company or a subsidiary as of January 1st of that plan year. In addition, employees who are either hired as key employees or are promoted and become key employees after the beginning of a plan year may be designated as Participants for the plan year and assigned a prorated target at the Committee’s discretion.

 

 

ARTICLE IV

 

PERFORMANCE OBJECTIVES

 

In connection with the administration of the MIP, the Committee shall establish:

 

(i)      MIP performance objectives for the Company and any subsidiary (“Corporate Goals”), and appropriate business units of the Company (“Business Unit Goals”) and individuals (“Individual Goals”) based upon such criteria as may be agreed upon by the Committee, and 

 

(ii)     The award formula or matrix by which all incentive awards under the MIP shall be calculated.

 

Except as provided herein in the case of Named Executive Officers, the selection of such performance objective(s) and the award formula or matrix may vary on a Participant by Participant basis.

 

Prior to or within the first 90 days of each plan year after 2005, the Committee shall review the previously established Corporate Goals, Business Unit Goals and Individual Goals and make any changes to such performance objectives as it deems appropriate for the new plan year. 

 

 

ARTICLE V

 

AWARDS

 

The MIP provides for cash incentive awards (“Cash Awards”) and/or equity incentive awards (“Equity Based Awards”). Except as provided herein in the case of Named Executive Officers, target awards may be weighted between Corporate, Business Unit and Individual Goals on such basis as the Committee determines and the weighting may vary on a Participant by Participant basis. Separate performance objectives and award formulas or matrixes may be established for Cash Awards and Equity Based Awards. Cash Awards shall be settled in cash. Equity Based Awards shall be settled in cash and/or Company stock as determined by the Committee.

 

Each Participant shall be assigned a Cash Award target, which shall be paid or provided if the Participant achieves his or her Cash Award targeted performance goal(s). All cash incentive awards made to the President of C&F Mortgage Corporation (“C&F Mortgage”) shall be made pursuant to such President’s Employment Agreement, as in effect from time to time, with C&F Mortgage or the Company, and not pursuant to this MIP, for any year for which such Employment Agreement provides for an annual incentive arrangement.

 

 

 

 

 

Unless otherwise provided by the Committee, the Cash Award targets for a plan year for the Chief Executive Officer and the President will be based solely on achievement of the Corporate Goal, and the Corporate Goal for the Cash Awards is based on the Company’s return on equity (“ROE”) and return on assets (“ROA”) for the plan year for which the Cash Award is made compared to a peer group of banks selected by the Committee. If 100% of the Cash Award Corporate Goal is achieved for a plan year, the Chief Executive Officer and the President will earn a Cash Award equal to his or her individual Cash Target Award designated by the Committee. If greater than or less than 100% (but at least the Minimum Award Level designated by the Committee) of the Cash Award Corporate Goal is achieved for a plan year, the Chief Executive Officer and the President will earn a Cash Award equal to more or less than 100% of his or her individual Cash Target Award (but in no event more than the Maximum Award Percentage designated by the Committee) based on an Award Matrix designated by the Committee. Any award earned may be adjusted by the Committee, at its discretion, based on asset quality (loans) measures of the Company or any other measurement deemed relevant. The measures are listed in the Cash Award Targets and Goals which are set pursuant to Article IV of this document. 

 

Unless otherwise provided by the Committee, the Cash Award target for a plan year for the President of C&F Finance Company will be based on the ROA of C&F Finance Company. Any award earned may be adjusted by the Committee, at its discretion, based on asset quality measures of C&F Finance Company and any other measurement deemed relevant. The measures are listed in the Cash Award Targets and Goals which are set pursuant to Article IV of this document. 

 

Unless otherwise provided by the Committee, the Cash Award target for a plan year for the Chief Credit Officer of C&F Bank will be based on the net income of C&F Bank and specific C&F Bank-related goals including asset quality and any other measurement goals deemed relevant, all of which are established by the Committee based on the recommendation of the Chief Executive Officer. Any award earned may be adjusted by the Committee, at its discretion, based on measurements deemed relevant. The measures are listed in the Cash Award Targets and Goals which are set pursuant to Article IV of this document. 

 

As mentioned above, all cash incentive awards made to the President of C&F Mortgage Corporation (“C&F Mortgage”) shall be made pursuant to such President’s Employment Agreement, as in effect from time to time, with C&F Mortgage or the Company, and not pursuant to this MIP, for any year for which such Employment Agreement provides for an annual incentive arrangement.

 

Participants may also be awarded Equity Based Awards consisting of restricted stock, stock options, stock appreciation rights or other stock equivalent awards under the MIP if the Participant achieves his or her Equity Based Award targeted performance goal(s). If 100% or more of the Equity Based Award Corporate Goal is achieved for a plan year, the Chief Executive Officer and the President will earn an Equity Based Award equal to his or her individual Equity Based Target Award designated by the Committee. If achievement is more or less than the Equity Based Award Corporate Goal, Equity Based Award will be adjusted. All Equity Based Awards granted under the MIP which are payable in or entail the issuance of Company stock will be awarded pursuant to the Company’s 2013 Stock and Incentive Compensation Plan unless the Committee specifically determines otherwise (“Stock Plan”).

 

Unless otherwise provided by the Committee, Equity Based Awards for a plan year for the Chief Executive Officer and the President, will be based on the achievement of the Corporate Goal, and the Corporate Goal for the Equity Based Awards for these Named Executive Officers is based on 5-year total shareholder return of the Company compared to that of a peer group index designated by the Committee. The Committee will determine the appropriate valuation methodology for determining the fair market value of such equity award on the date of grant. Any award earned may be adjusted by the Committee, at its discretion. For all other Named Executive Officers, Equity Based Awards for a plan year will be determined by the Committee based on a recommendation from the Chief Executive Officer.

 

The Cash Award targets and Equity Based Award targets for all Participants other than the Named Executive Officers shall be determined by the Chief Executive Officer based on the applicable Corporate Goals, Business Unit Goals or Individual Goals or any combination thereof. The Business Unit Goals and Individual Goals shall be established by the Chief Executive Officer based on specific business unit and individual objectives annually. These include but are not limited to net income, loan and deposit growth, asset quality, margins, productivity, soundness, and customer satisfaction. 

 

 

 

 

 

ARTICLE VI

 

ENTITLEMENT TO EARNED AWARDS

 

With respect to Cash Awards, except as provided below, no earned award shall be payable to a Participant unless that Participant is an employee of the Company and/or any subsidiary from January 1st of that plan year (or if later, the date he or she is designated as a Participant for that plan year) either through the last day of that plan year or, if so provided by the Committee prior to the end of the plan year to which the award relates, through the date the award for that plan year is paid (the “Vesting Date”). 

 

With respect to Equity Based Awards, no grant evidencing the Equity Based Award will be granted unless the Participant is employed by the Company or any subsidiary on the date of grant. 

 

In the event of a Participant’s death, total and permanent disability, retirement or involuntary termination without cause during a plan year, earned awards shall be calculated for that plan year and then pro-rated by multiplying the earned annual award by a fraction, the numerator of which is the number of full months, including the month in which the terminating event occurred, in the plan year and the denominator of which is twelve. In such event, payout will occur at the same time all other earned and vested award payments are made for that plan year. Otherwise, a Participant who is not employed by the Company or a subsidiary for any other reason on the Vesting Date for a plan year shall forfeit his or her award for that plan year unless otherwise determined by the Committee. 

 

 

ARTICLE VII

 

PAYMENT OR PROVISION OF EARNED AND VESTED AWARDS

 

Earned and vested Cash Awards shall be paid as soon as practicable following the end of the plan year, however, in no event shall such awards be paid later than March 15th following the end of the plan year, allowing the Company adequate time to formally analyze its financial results according to the regulations and procedures of a public company.

 

Earned Equity Based Awards shall be evidenced by an equity compensation grant under the Stock Plan made at such times as may be determined by the Committee, but in no event later than March 15th following the end of each plan year. Such grants may entail such further service based and/or performance based vesting as the Committee may determine. 

 

 

ARTICLE VIII

 

NO ENTITLEMENT TO BONUS

 

Participants are entitled to a distribution under the MIP only upon the determination by the Committee that the award is earned, vested and payable, and no Participant shall be entitled to an award under the MIP unless the award is subject to the attainment of performance objectives defined under the MIP, and such award may be adjusted by the Committee at its discretion. 

 

 

 

 

 

ARTICLE IX

 

AMENDMENT OR TERMINATION OF PLAN

 

The Board of Directors reserves the right to amend or terminate the MIP at any time, based on the recommendation of the Committee. 

 

In the event the MIP is amended by the Board of Directors more than 90 days after the beginning of a plan year in a manner which could reduce the award payable to a Participant for that plan year, the Participant shall continue to be eligible for incentive awards, if earned, for the plan year in which the amendment of the MIP occurs, with incentive awards being prorated as of the date of the MIP amendment based on the old and new provision of the MIP, unless otherwise agreed by the Participant.

 

In the event the MIP is terminated by the Board of Directors, unless otherwise agreed by a Participant, Participants shall continue to be eligible for incentive awards, if earned, for the plan year in which the termination of the MIP occurs, with incentive awards being prorated as of the date of the MIP termination. 

 

 

ARTICLE X

 

NO RIGHT OF ASSIGNABILITY

 

Participant awards shall not be subject to assignment, pledge or other disposition, nor shall such amounts be subject to garnishment, attachment, transfer by operation of law, or any legal process.

 

Nothing contained in the MIP shall confer upon employees any right to continued employment, nor interfere with the right of the Company to terminate a MIP Participant’s employment with the Company or any subsidiary. Participation in the MIP does not confer rights to participation in other Company programs, including non-qualified retirement or deferred compensation plans or other executive perquisite programs. 

 

The MIP is intended to constitute an “unfunded” plan for incentive compensation. With respect to any award as to which a Participant has an earned and vested interest but which is not yet paid to the Participant, nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company.

 

 

ARTICLE XI

 

GOVERNING LAW

 

The MIP shall be governed, construed, and administered in accordance with the laws of the Commonwealth of Virginia.

 

In the event any provision of the MIP shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the MIP.

 

 

As amended by the Board of Directors on March 3, 2015.Exhibit 10.1

 

EXECUTION VERSION

 

MASTER AMENDMENT NO.  4 TO THE EUROPEAN RECEIVABLES LOAN
 AGREEMENT, THE SERVICING AGREEMENT, THE LIQUIDATION SERVICER
 AGREEMENT AND TRANSACTION DOCUMENTS

 

This Master Amendment No. 4 to the EUROPEAN RECEIVABLES LOAN AGREEMENT, THE SERVICING AGREEMENT, THE LIQUIDATION SERVICER AGREEMENT AND TRANSACTION DOCUMENTS, dated as of March 5, 2015 (this “Amendment”), is made among Huntsman Receivables Finance LLC (the “Company”), a Delaware limited liability company, Vantico Group S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg with its registered office at 68-70, Boulevard de la Pétrusse, L-2320 Luxembourg, registered with the Luxembourg trade and companies’ register under number B72959 (the “Master Servicer”), Huntsman International LLC, a limited liability company established under the laws of Delaware (“Huntsman International” or the “Servicer Guarantor”), Barclays Bank plc in its capacities as Administrative Agent (the “Administrative Agent”), as Collateral Agent (the “Collateral Agent”), and a Funding Agent, Sheffield Receivables Company LLC (formerly known as Sheffield Receivables Corporation), (“Sheffield”), and Regency Assets Limited (“Regency”), each in its capacity as a Lender (the “Lenders”), HSBC Bank plc, as a Funding Agent, PricewaterhouseCoopers LLP (“PWC”), a limited liability partnership established under the laws of England and Wales (registered number OC303525) as Liquidation Servicer (the “Liquidation Servicer”) and the European Originators a party hereto.

 

WHEREAS, the Company, the Master Servicer, the Funding Agent, the Lender, the Administrative Agent and the Collateral Agent are parties to the European Receivables Loan Agreement dated as of October 16, 2009 as amended by (i) the Amendment to the Receivables Loan Agreement and European Servicing Agreement, dated as of November 17, 2009, (ii) Amendment No. 2 to the European Receivables Loan Agreement, dated as of October 8, 2010, (iii) the Master Amendment to the European Receivables Loan Agreement, European Servicing Agreement and Transaction Documents dated as of December 22, 2010, (iv) the Master Amendment No. 2 to the European Receivables Loan Agreement, European Servicing Agreement and Transaction Documents dated as of April 15, 2011 and (v) the Master Amendment No. 3 to the European Receivables Loan Agreement dated as at April 29, 2013 (as so amended, the “Receivables Loan Agreement”);

 

WHEREAS, the Company, the Master Servicer, the Servicer Guarantor, the Local Servicers, the Administrative Agent, the Collateral Agent, and the Liquidation Servicer are parties to the European Servicing Agreement dated as of October 16, 2009, as amended by (i) the Amendment to the Receivables Loan Agreement and European Servicing Agreement, dated as of November 17, 2009, (ii) the Master Amendment to the European Receivables Loan Agreement, European Servicing Agreement and Transaction Documents dated as of December 22, 2010, and (iii) the Master Amendment No. 2 to the European Receivables Loan Agreement, European Servicing Agreement and Transaction Documents dated as of April 15, 2011 (as so amended, the “Servicing Agreement”);

 

 

WHEREAS, the Master Servicer, the Company and Huntsman International have requested certain amendments to the Receivables Loan Agreement and the Servicing Agreement and the termination of the Liquidation Servicer Agreement and each of the parties hereto have agreed to such amendments and termination, in each case on the terms and conditions set forth herein;

 

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

1.                                                                                      Capitalized terms used but not defined herein shall have the meanings ascribed to them in Schedule 3 to the Receivables Loan Agreement (as amended by this Amendment).

 

2.                                      The parties to the Receivables Loan Agreement agree that, as of the Effective Date (defined below) or the Liquidation Servicer Effective Date (defined below), as applicable,

 

(a)                                 Section 25(e) of the Receivables Loan Agreement shall be and hereby is amended to add a new clauses (iii) and (iv) to the end of such clause to read as follows:

 

“(iii)                         none of the Company, the Master Servicer, the Contributor, any Originator or any Affiliate or broker or other agent of any of the foregoing is a Person that (A) is, or is owned or controlled by Persons that are, the target or subject of any Sanctions; or (B) is located, organized or resident in a country or territory that is, or whose government is, the target or subject of Sanctions (currently, Cuba, Iran, North Korea, Sudan, Crimea and Syria); and

 

(iv)  none of the Company, the Master Servicer, the Contributor, any Originator or any Affiliate will directly or indirectly use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Person, (A) to fund, in violation of applicable Sanctions, any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the target or subject of Sanctions or (B) in any other manner that would result in a violation of applicable Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise).”

 

(b)                                 Section 26.1(q) of the Receivables Loan Agreement shall be and hereby is amended in its entirety to read as follows:

 

“(q)                           Servicing.  Within 120 days following a Liquidation Servicer Resumption Event, cause (i) a Liquidation Servicer consented to by the Funding Agents to be in place under an Liquidation Servicer Agreement, on terms satisfactory to the Funding Agents and (ii) the Liquidation Servicer to complete a Master Servicer Site Review and the review of the Master Servicer’s Standby Liquidation System in each case in accordance with the Liquidation Servicer Agreement.”

 

(c)                                                                                 Section 26.5 of the Receivables Loan Agreement shall be and hereby is amended in its entirety to read as follows:

 

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“26.5.               Risk Retention

 

Huntsman International shall (i) on an ongoing basis retain, in its capacity as an originator (under the CRR), a net economic interest in the Pool Receivables in an amount at least equal to 5% of the aggregate Principal Amount of the Pool Receivables at such time in accordance with Article 405, paragraph (1)(d) of CRR Part 5, (ii) not change the manner in which it retains such net economic interest since the Closing Date, except to the extent permitted under CRR Part 5, (iii) not enter into any credit risk mitigation, short position or any other hedge with respect to such net economic interest, except to the extent permitted under CRR Part 5, and (iv) provide all information to the Lenders or the Funding Agents as is required for any Lender or Funding Agent to comply with CRR Part 5 including as may be requested by any Lender or Funding Agent from time to time.”

 

(d)                                                                                                                                The second proviso to Section 28(a) of the Receivables Loan Agreement shall be and hereby is amended in its entirety to read as follows:

 

“provided that, clause (ii) above shall not apply if the daily average of the aggregate Principal Amounts of Receivables of an Originator that is removed, withdrawn or terminated pursuant to the provisions of this Section 28 occurring during the immediately preceding twelve (12) calendar months is less than ten per cent (10%) of the Aggregate Receivables Amount as of the date immediately prior to the proposed removal, withdrawal or termination of the relevant Approved Originator:”

 

(e)                                                                                                                                The second proviso to Section 28(b) of the Receivables Loan Agreement shall be and hereby is amended in its entirety to read as follows:

 

“provided that, subclause (a)(ii) above shall not apply if the average of the aggregate Principal Amount of Receivables removed from the pool of Receivables pursuant to the provisions of this Section 28 in the immediately preceding twelve (12) calendar months (including the daily aggregate Principal Amount of Receivables of such proposed Excluded Designated Line of Business) is less than ten per cent (10%) of the Aggregate Receivables Amount as of the date immediately prior to the proposed removal, withdrawal or termination of the relevant Approved Originator or proposed cessation of the Excluded Designated Line of Business;”

 

(f)                                                                                                                                  Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Applicable Margin” in its entirety to read as follows:

 

““Applicable Margin” shall mean:

 

(i)             in the case of Sheffield and Regency, 1.10% per annum in respect of any portion of a Loan funded by the proceeds of the issue of Commercial Paper; and

 

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in the case of Sheffield and Regency, 2.10% per annum in respect of any portion of a Loan which has not been funded by the proceeds of the issue of Commercial Paper.”

 

(g)                                  Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by adding the new definition of “Collection Agency Receivable” to read as follows:

 

““Collection Agency Receivable” shall mean any Defaulted Receivable the creditworthiness is determined (acting reasonably) by the Master Servicer or the relevant Local Servicer to be credit impaired to an extent justifying third party collection efforts.”

 

(h)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by adding the new definition of “CRR” to read as follows:

 

““CRR” shall mean, collectively, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervisions of credit institutions and investment firms, as amended from time to time, together with any regulatory guidelines, technical standards or implementing technical standards relating thereto and any Q&A responses or other official guidance published in relation thereto by the European Banking Authority (or any successor or replacement agency or authority).”

 

(i)                                     Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Excluded Factoring Obligor” in its entirety to read as follows:

 

““Excluded Factoring Obligor” shall mean:

 

(1)                                 any Obligor designated as an Excluded Factoring Obligor on or before March 5, 2015; and

 

(2)                                 an Obligor designated after March 5, 2015 in respect of a Receivable that satisfies the following criteria, as of any date of determination:

 

(a)                                 the Master Servicer has provided the Administrative Agent and the Funding Agent at least ten (10) Business Days’ prior written notice that such Obligor shall become an “Excluded Factoring Obligor”; and

 

(b)                                 such notice is accompanied by a certification of the Master Servicer:

 

(i)                                     of the aggregate Purchased Receivables originated by such Obligor in the immediately preceding twelve (12) Settlement Periods (the “Excluded Factoring Obligor Receivable Amount”) and

 

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(ii)                                  that the sum of (A) the Excluded Factoring Obligor Receivables Amount determined for such Obligor and (B) the Excluded Factoring Obligor Receivables Amount determined at the time each other Excluded Factoring Obligor was designated pursuant to clause (a), minus (C) the Excluded Factoring Obligor Receivable Amount of any Excluded Factoring Obligor that has subsequently become an Eligible Obligor or has ceased to be an Obligor does not in the aggregate exceed Euro 100,000,000.”

 

(j)                                    Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Liquidation Servicer” in its entirety to read as follows:

 

““Liquidation Servicer” shall mean such entity which has been appointed as Liquidation Servicer by the Company following a Liquidation Servicer Resumption Event and consented to by the Funding Agents (and shall include its successors and assigns).”

 

(k)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Liquidation Servicer Agreement” in its entirety to read as follows:

 

““Liquidation Servicer Agreement” shall mean the letter agreement consented to by the Funding Agents entered into following a Liquidation Servicer Resumption Event between the Liquidation Servicer and the Company, which shall be on substantially similar terms as the letter agreement entered into subsequent to the Closing Date between PricewaterhouseCoopers as the Liquidation Servicer and the Company.”

 

(l)                                     Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Liquidation Servicer Commencement Date” in its entirety to read as follows:

 

““Liquidation Servicer Commencement Date” shall mean the date that the Administrative Agent gives notice to activate the appointment of the Liquidation Servicer, provided that while such activation notice shall be effective immediately and shall trigger the occurrence of the Liquidation Servicer Commencement Date, the Liquidation Servicer’s performance of its duties in accordance with the Liquidation Servicer Agreement which provides that specified actions will commence within “5 working days of the Liquidation Servicer Commencement Date”.”

 

(m)                             Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by adding the new definition of “Liquidation Servicer Resumption Event” to read as follows:

 

““Liquidation Servicer Resumption Event” shall mean the date that the long-term corporate credit rating of Huntsman International has been reduced to “BB-” or below by S&P and “Ba3” or below by Moody’s.”

 

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(n)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Liquidation Servicing Fee” in its entirety to read as follows:

 

““Liquidation Servicing Fee” shall mean the fee payable to the Liquidation Servicer as set forth in the Liquidation Servicer Agreement.”

 

(o)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by adding the new definition of “Sanctions” to read as follows:

 

““Sanctions” means the sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any of the following:

 

(a) the United States government;

 

(b) the United Nations Security Council;

 

(c) the European Union;

 

(d) the United Kingdom;

 

(e) Hong Kong; and

 

(f) the respective Governmental Authorities of any of the foregoing, including without limitation, the U.S. Department of State, Her Majesty’s Treasury and the Office of Foreign Assets Control of the US Department of the Treasury.”

 

(p)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Scheduled Commitment Termination Date” in its entirety to read as follows:

 

““Scheduled Commitment Termination Date” shall mean March 5, 2018 as may be extended from time to time in writing by the Company, the Lenders and the Funding Agents.”

 

(q)                                 Schedule 3 of the Receivables Loan Agreement shall be and hereby is amended by amending the definition of “Successor Master Servicer” in its entirety to read as follows:

 

““Successor Master Servicer” shall mean, following delivery of a Termination Notice by the Administrative Agent or receipt by the Administrative Agent of a Resignation Notice, (a) a Person appointed by the Administrative Agent which, at the time of its appointment as Master Servicer (i) is legally qualified and has the corporate power and authority to service the Receivables, (ii) is approved by each Funding Agent, (iii) has demonstrated the ability to service a portfolio of similar receivables in accordance with high standards of skill and care in the sole determination of the Administrative Agent, and (iv) has accepted its appointment by a written assumption in a form acceptable to the Administrative Agent and (b)

 

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if no successor Master Servicer has otherwise been appointed in accordance with clause (a), from the Liquidation Servicer Commencement Date, the Person then acting as Liquidation Servicer; provided that if such Person is so appointed, its duties shall consist only of those applicable to it in its capacity as Liquidation Servicer; provided, further, that no such Person shall be a Successor Master Servicer if it is a direct competitor of Vantico Group S.à.r.l. or any Significant Subsidiary.”

 

(r)                                     Schedule 6 of the Receivables Loan Agreement shall be and hereby is amended by amending by deleting the following inactive Collection Accounts:

 

	
ACCOUNTHOLDER
    	
 
    	
Bank Name
    	
 
    	
Location
    	
 
    	
JPM Branch location
    	
 
    	
JPM SWIFT
   code
    	
 
    	
Account
   Number
    	
 
    	
IBAN
    	
 
    	
Account
   Currency
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMORGAN   CHASE BANK NA AMSTERDAM BRANCH
    	
 
    	
The   Netherlands
    	
 
    	
JPMORGAN   CHASE BANK NA AMSTERDAM BRANCH Strawinskylaan 1135
   1077XX Amsterdam
   The Netherlands
    	
 
    	
CHASNL2X
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMorgan AG FRANKFURT
    	
 
    	
Germany
    	
 
    	
JPMorgan AG FRANKFURT Junghofstrasse 14,
   Frankfurt, 60311,
   Germany
    	
 
    	
CHASDEFX
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMorgan AG FRANKFURT
    	
 
    	
Germany
    	
 
    	
JPMorgan AG FRANKFURT Junghofstrasse 14,
   Frankfurt, 60311,
   Germany
    	
 
    	
CHASDEFX
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMORGAN   CHASE BANK NA MADRID BRANCH
    	
 
    	
Spain
    	
 
    	
JPMORGAN CHASE BANK NA MADRID BRANCH
   Jose Ortega Y Gassett 29,
   Madrid, 28006,
   Spain
    	
 
    	
CHASESM3
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMORGAN   CHASE BANK NA MADRID BRANCH
    	
 
    	
Spain
    	
 
    	
JPMORGAN CHASE BANK NA MADRID BRANCH
   Jose Ortega Y Gassett 29,
   Madrid, 28006,
   Spain
    	
 
    	
CHASESM3
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMORGAN CHASE BANK NA MILAN BRANCH
    	
 
    	
Italy
    	
 
    	
JPMORGAN CHASE BANK NA MILAN BRANCH
   Via Catena 4,

Milan, 20121,
   Italy
    	
 
    	
CHASITMX
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    
	
Huntsman   Receivables Finance LLC
    	
 
    	
JPMORGAN   CHASE BANK NA PARIS BRANCH
    	
 
    	
France
    	
 
    	
JPMORGAN CHASE BANK NA PARIS BRANCH
   7 Place Vendome,
   Paris, 75001,
   France
    	
 
    	
CHASFRPP
    	
 
    	
xxxxxxx
    	
 
    	
xxxxxxx
    	
 
    	
EUR
    

 

3.                                      The parties to the Receivables Servicing Agreement agree that, as of the Effective Date (defined below), a new paragraph (g) shall be added to Section 2.02 (Servicing Procedures) as follows:

 

“(g)                            Upon not less than five (5) Business Days’ prior written notice to the Company, the Collateral Agent, the Administrative Agent and the Funding Agents, the Master Servicer or the relevant Local Servicer may transfer title to any Collection Agency Receivable to a third party collection agency for collection; provided that, at the time of such transfer, if such Collection Agency Receivable is at such

 

7

 

time included in the determination of Aggregate Receivables Amount the included amount shall be deemed to be a Collection for all purposes under the Transaction Documents.”

 

4.                                      With respect to (a) Section 2.3(b)(i) of the UK Receivables Purchase Agreement, (b) Section 2.2(e) of the Dutch Receivables Purchase Agreement, (c) Section 2.2(e) of the Italian Receivables Purchase Agreement and Section 23 of the Italian Onward Sale Agreement, (d) Section 2.2(d) of the Spanish Receivables Purchase Agreement, (e) Section 2.2(e) of the Belgian Receivables Purchase Agreement, and (f) Section 2.2 of the French Receivables Purchase Agreement, each such section is amended to permit the relevant Purchase Price to be paid either (i) by payment directly into the relevant account specified pursuant to the relevant Receivables Purchase Agreement or (ii) by way of book-entry in a current account as between the Purchaser and the relevant Originator.  For the avoidance of doubt, except as provided in the foregoing sentence, none of the other provisions in each Receivables Purchase Agreement regarding the mechanisms for the sale and transfer of Receivables to the Purchaser shall be modified by this Amendment.

 

5.                                      The Master Servicer hereby confirms to each of the parties hereto that each of the following companies no longer conduct business and that no Pool Receivables originated by any such company remains outstanding: Huntsman Surface Sciences UK Limited; Huntsman Performance Products Spain S.L.;  Huntsman Surface Sciences (France) S.A.S; Huntsman Surface Sciences Italia S.R.L.; and Huntsman Patrica S.R.L. (the “Removed Originators”). Each of the parties hereto agrees that, notwithstanding any provision of the Transaction Documents, each of the Removed Originators shall with effect on and after the Effective Date (defined below) cease to be a party to (in any of its roles, as Originator, Local Servicer or otherwise) and shall not be bound by any of the Transaction Documents.

 

6.                                      Each of the parties hereto hereby agrees that, notwithstanding any provision of the Transaction Documents, with effect on the Liquidation Servicer Effective Date (defined below): (i)  PricewaterhouseCoopers shall cease to act as the Liquidation Servicer; (ii) its appointment as the Liquidation Servicer shall be terminated; (iii) it shall cease to be a party to (in any of its roles, as Liquidation Servicer or otherwise) and shall not be bound by any of the Transaction Documents.; and (iv) the letter agreement entered into subsequent to the Closing Date between PricewaterhouseCoopers as the Liquidation Servicer and the Company referred to as the Liquidation Servicer Agreement shall be terminated.  The parties hereto further agree that:

 

(a)                                 so long as a Liquidation Servicer Resumption Event has not occurred, all provisions of the Transaction Documents which apply to the Liquidation Servicer, the Liquidation Servicer Agreement, the Liquidation Servicer Commencement Date and the Liquidation Servicing Fee shall be construed so to not apply; and

 

(b)                                 a Liquidation Servicer may become a party to the Servicing Agreement or any other Transaction Document by means of an amendment, agreement or instrument without the requirement of the signature or written consent by the European Originators, each of whom shall be bound by such amendment, agreement or instrument so long as it is agreed or consented to by the Master Servicer.  The Master Servicer shall provide the European Originators written notice

 

8

 

of any such amendment, agreement or instrument promptly following the execution and delivery thereof.

 

7.                                      Each of the parties hereto hereby consents, acknowledges and agrees to the amendments and modifications set forth in Sections 2 through 6 of this Amendment.

 

8.                                      Except as provided below in relation to the Liquidation Servicer Amendments (defined below), the amendments and agreements under Sections 2 through 6 of this Amendment shall become effective on and as of March 5, 2015 subject to the Administrative Agent being in receipt of: (i) this Amendment duly executed by each of the parties hereto other than PWC; (ii) confirmation that Fee Letters with each Lender Group duly executed by each of the parties thereto have been received by the respective Lender Groups; and (iii) legal opinions from New York counsel to Huntsman International, the Company, the European Originators and the Master Servicer with respect to this Amendment, in each case in form and substance satisfactory to the Administrative Agent, each Funding Agent and the Collateral Agent (the “Effective Date”).  The Administrative Agent, on its behalf and on behalf of each Funding Agent and the Collateral Agent, will provide an e-mail notice to the parties to this Amendment when it has received the documents required to be delivered to it pursuant to this Section 8.

 

9.                                      The amendments and agreements under Section 2(b), (j), (k), (l), (m), (n) and (q), Section 3 and Section 6 (collectively the “Liquidation Servicer Amendments”) shall become effective on and as of the date upon which both the Effective Date has occurred and the Administrative Agent has received a signature page to this Amendment duly executed by PWC (the “Liquidation Servicer Effective Date”).

 

10.                               Except as expressly amended by this Amendment, each of the Receivables Loan Agreement, the Servicing Agreement and each of the Receivables Purchase Agreements and the other Transaction Documents is ratified and confirmed in all respects and the terms, provisions and conditions thereof are and shall remain in full force and effect.  The parties hereto agree that this Amendment shall constitute a Transaction Document.

 

11.                               THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ANY CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

12.                               This Amendment may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.  Delivery (by fax or email) of a facsimile signature on the signature page of this Amendment shall be effective as delivery of an original signature thereof.

 

13.                               The provisions of Sections 36.1, 36.2, 36.21, 36.22 and 36.26 of the Receivables Loan Agreement and Section 8.04 of the Servicing Agreement shall apply hereto, mutatis mutandis, as if set forth in full herein.

 

[SIGNATURE PAGE FOLLOWS]

 

9

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed by its respective officers as of the day and year first above written.

 

 

	
HUNTSMAN RECEIVABLES FINANCE   LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   John R. Heskett
    	
 
    
	
 
    	
Name:   John R. Heskett
    	
 
    
	
 
    	
Title:   Vice President, Planning and Treasurer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
VANTICO GROUP S.A R.L.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   John R. Heskett
    	
 
    
	
 
    	
Name:   John R. Heskett
    	
 
    
	
 
    	
Title:   Manager
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HUNTSMAN INTERNATIONAL LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   John R. Heskett
    	
 
    
	
 
    	
Name:   John R. Heskett
    	
 
    
	
 
    	
Title:   Vice President, Planning and Treasurer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TIOXIDE EUROPE LIMITED
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Justin Phillipson
    	
 
    
	
 
    	
Name:   Justin Phillipson
    	
 
    
	
 
    	
Title:   Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
HUNTSMAN SURFACE SCIENCES UK   LIMITED
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Justin Phillipson
    	
 
    
	
 
    	
Name:   Justin Phillipson
    	
 
    
	
 
    	
Title:   Director
    	
 
    
						

 

10

 

	
HUNTSMAN   HOLLAND B.V.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Ben De Jong
    	
 
    
	
 
    	
Name:   Ben De Jong
    	
 
    
	
 
    	
Title:   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HUNTSMAN   ADVANCED MATERIALS (EUROPE) BVBA
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Patrick Verraes
    	
 
    
	
 
    	
Name: Patrick Verraes
    	
 
    
	
 
    	
Title: Manager (“zaakvoerder”)
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Wim Van Herck
    	
 
    
	
 
    	
Name: Wim Van Herck
    	
 
    
	
 
    	
Title: Manager (“zaakvoerder”)
    	
 
    
	
 
    	
 
    
	
TIOXIDE   EUROPE S.L.U.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Mike Dixon
    	
 
    
	
 
    	
Name: Mike Dixon
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
HUNTSMAN   PERFORMANCE PRODUCTS SPAIN, S.L.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Francisco Sanchez
    	
 
    
	
 
    	
Name: Francisco Sanchez
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ John Smyth
    	
 
    
	
 
    	
Name: John Smyth
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
TIOXIDE   EUROPE S.A.S.,
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Eric Cassisa
    	
 
    
	
 
    	
Name: Eric Cassisa
    	
 
    
	
 
    	
Title: President
    	
 
    

 

11

 

	
HUNTSMAN   SURFACE SCIENCES (FRANCE) S.A.S.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ John Smyth
    	
 
    
	
 
    	
Name: John Smyth
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Simone Grizzi
    	
 
    
	
 
    	
Name: Simone Grizzi
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
TIOXIDE EUROPE S.R.L.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Stephen Fox
    	
 
    
	
 
    	
Name: Stephen Fox
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
HUNTSMAN   SURFACE SCIENCES ITALIA S.R.L.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Pietro Maniscalo
    	
 
    
	
 
    	
Name: Pietro Maniscalo
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Guiliano Cremonesi
    	
 
    
	
 
    	
Name: Guiliano Cremonesi
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HUNTSMAN   PATRICA S.R.L.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Pietro Maniscalo
    	
 
    
	
 
    	
Name: Pietro Maniscalo
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Guiliano Cremonesi
    	
 
    
	
 
    	
Name:   Guiliano Cremonesi
    	
 
    
	
 
    	
Title:   Director
    	
 
    

 

12

 

	
BARCLAYS BANK PLC,
   as Administrative Agent, Collateral Agent and a Funding Agent
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Sean White
    	
 
    
	
 
    	
Name: Sean White
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SHEFFIELD   RECEIVABLES COMPANY LLC,
    	
 
    
	
as a Lender
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Andrew Shuster
    	
 
    
	
 
    	
Name: Andrew Shuster
    	
 
    
	
 
    	
Title: Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HSBC   BANK PLC,
    	
 
    
	
as a Funding Agent
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Nigel Batley
    	
 
    
	
 
    	
Name: Nigel Batley
    	
 
    
	
 
    	
Title: Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
REGENCY   ASSETS LIMITED,
    	
 
    
	
as a Lender
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Rhys Owens
    	
 
    
	
 
    	
Name: Rhys Owens
    	
 
    
	
 
    	
Title: Duly Appointed Attorney
    	
 
    

 

13

 

	
PRICEWATERHOUSECOOPERS LLP,
    	
 
    
	
as Liquidation Servicer
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Robert Smid
    	
 
    
	
 
    	
Name: Robert Smid
    	
 
    
	
 
    	
Title: Partner
    	
 
    

 

14

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