Document:

Exhibit

EXHIBIT 10.31

LETTER AMENDMENT

Dated as of November 24, 2017

	
	
	To the banks, financial institutions

	  and other institutional lenders

	  (collectively, the “Lenders") parties

	  to the Credit Agreement referred to

	  below and to Citibank, N.A., as agent

	  (the “Agent") for the Lenders

Ladies and Gentlemen:

We refer to the Credit Agreement dated as of June 27, 2014 (the “Credit Agreement”) among the undersigned and you. Capitalized terms not otherwise defined in this Letter Amendment have the same meanings as specified in the Credit Agreement.

The Credit Agreement is, effective as of the date of this Letter Amendment, hereby amended as follows:

(a)The following definition is added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

“Bail-In Action” has the meaning specified in Section 8.17.

(b)The definition of “Lender Insolvency Event” is amended immediately after the phrase “become the subject of” the phrase “a Bail-In Action or”.

(c)Section 5.01(h) of the Credit Agreement is amended by adding to the end thereof a new parenthetical proviso to read as follows:

(provided that, for purposes of clauses (i), (ii) and (iii) of this proviso, the 50% threshold in the defined term “Subsidiary” shall be deemed to be 40%)

		
	(d)
	Section 5.02(b) of the Credit Agreement is amended in full to read as follows:

Mergers, Etc. Merge or consolidate with or into, or permit any of its Subsidiaries to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose or permit any of its Subsidiaries to convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets (whether now owned or hereafter acquired) of the Borrower and its Subsidiaries, on a consolidated basis, to, any Person, except that any Subsidiary of the Borrower may merge or consolidate with or into, or dispose of assets (including by way of liquidation or dissolution) to, any other Subsidiary of the Borrower, and except that any Subsidiary of the Borrower may merge into or dispose of assets (including by way of liquidation or dissolution) to the Borrower, provided, in each case, that no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom.

(e)A new Section 8.17 is added of the Credit Agreement to read as follows: 

Section 8.17. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution 

arising under this Agreement, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; or

(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

The following terms, as used herein, have the following meanings:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

“Loan Market Association” means the London trade association, which is the self- described authoritative voice of the syndicated loan markets in Europe, the Middle East and Africa.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

This Letter Amendment shall become effective as of the date first above written when, and only when, on or before December 31, 2017, the Agent shall have received counterparts of this Letter Amendment executed by the undersigned and the Required Lenders. This Letter Amendment is subject to the provisions of Section 8.01 of the Credit Agreement.

The Borrower represents and warrants that the representations and warranties contained in Section 4.01 of the Credit Agreement are correct on and as of the date hereof, except to the extent that any such representation or warranty is stated 

to relate to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date, before and after giving effect to this Letter Amendment, and no Default has occurred and is continuing.
On and after the effectiveness of this Letter Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Letter Amendment.

The Credit Agreement and the Notes, as specifically amended by this Letter Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

If you agree to the terms and provisions hereof, please evidence such agreement by executing and returning a counterpart of this Letter Amendment to Susan L. Hobart, Shearman & Sterling LLP; email: shobart@shearman.com.

This Letter Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Letter Amendment by telecopier or other electronic delivery shall be effective as delivery of a manually executed counterpart of this Letter Amendment.

This Letter Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
	
				
	 
	 
	 
	Very Truly Yours,

	 
	 
	 
	 

	 
	 
	 
	JUNIPER NETWORK, INC.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Brian Martin

	 
	 
	Name:
	Brian Martin

	 
	 
	Title:
	Senior Vice President, General Counsel

	
		
	Agreed as of the date first above written:

	 
	 

	CITIBANK, N.A.

	 
	as Agent and as Lender

	By:
	/s/ Susan M. Olsen

	Name:
	Susan M. Olsen

	Title:
	Vice President

	 
	 

	BANK OF AMERICA, N.A.

	By:
	/s/ Christopher G. Fallone

	Name:
	Christopher G. Fallone

	Title:
	Associate

	 
	 

	BARCLAYS BANK PLC

	By:
	/s/ May Huang

	Name:
	May Huang

	Title:
	Assistant Vice President

	 
	 

	BNP PARIBAS

	By:
	/s/ Gregory R. Paul

	Name:
	Gregory R. Paul

	Title:
	Managing Director

	 
	 

	By:
	/s/ Charles De Clapiers

	Name:
	Charles De Clapiers

	Title:
	Director

	 
	 

	JPMORGAN CHASE BANK, N.A.

	By:
	/s/ Caitlin Stewart

	Name:
	Caitlin Stewart

	Title:
	Vice President

	 
	 

	MORGAN STANLEY BANK, N.A.

	By:
	/s/ Donatus Anusionwu

	Name:
	Donatus Anusionwu

	Title:
	Vice President

	 
	 

	THE BANK OF TOKYO-MISTUBISHI UFJ, LTD.

	By:
	/s/ Matthew Antioco

	Name:
	Matthew Antioco

	Title:
	Director

	 
	 

	WELLS FARGO BANK, N.A.

	By:
	/s/ Patrick Levesque

	Name:
	Patrick Levesque

	Title:
	DirectorExhibit

EXHIBIT 10.2
SECOND AMENDMENT TO LOAN AGREEMENT

THIS SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered into as of February 23, 2018 (the “Effective Date”), by and between: ENTERPRISE FINANCIAL SERVICES CORP, a Delaware corporation (“Borrower”); and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Lender”); and has reference to the following facts and circumstances: (the “Recitals”):

A.    Borrower and Lender are parties to the Loan Agreement dated as of February 24, 2016 (as amended, the “Agreement”; all capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings ascribed to them in the Agreement as amended by this Amendment).

B.    The Agreement was previously amended as described in the First Amendment to Loan Agreement dated as of February 23, 2017, Borrower desires to further extend the Revolving Credit Period and to amend the Agreement in the manner set forth below and Lender agrees to said extension and amendment request on the terms and conditions set forth below.

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

1.    Recitals.  The Recitals are true and correct, and, together with the defined terms set forth herein, are incorporated by this reference.

2.    Amendment to Agreement.  As of the Effective Date, the Agreement is amended as follows:

(a)    The definitions of “Applicable Fee Percentage” and “Revolving Credit Period” in section 1.01 of the Agreement is deleted and replaced with the following:

Applicable Fee Percentage initially means an annual rate of 0.30%; provided that the Applicable Fee Percentage shall be reduced by 0.10% for each average quarterly balance of $10,000,000 that Borrower invests in any of the following deposit products offered by Lender with a maturity of greater than 31 days:  (i) certificates of deposit; or (ii) convertible Eurodollar time deposits; provided that in no event will the Applicable Fee Percentage be reduced below 0.00%..

Revolving Credit Period means the period commencing on the date of this Agreement and ending February 23, 2019; provided, however, that the Revolving Credit Period shall end on the date the Revolving Credit Commitment is terminated pursuant to Section 6 or otherwise.

(b)    The following is added to the Agreement as Section 2.03(d):

(d)    Lender’s internal records of applicable interest rates (including without limitation Lender’s designation of any successor interest rate index if the rate index described above shall become temporarily unavailable) shall be determinative in the absence of manifest error.  Notwithstanding the foregoing, in the event Lender determines (which determination shall be conclusive absent manifest error) that (i) the interest rate applicable to Revolving Credit Loan advances is not ascertainable or does not adequately and fairly reflect the cost of making or maintaining such advances and such circumstances are unlikely to be temporary, (ii) ICE Benchmark Administration (or any Person that takes over the administration of such rate) discontinues its administration and publication of interest settlement rates for deposits in Dollars, or (iii) the supervisor for the administrator of such interest settlement rate or a Regulatory Agency having jurisdiction over Lender has made a public statement identifying a specific date after which such interest settlement rate shall no longer be used for determining interest rates for loans, then Lender shall determine an alternate rate of interest to the one-month LIBOR rate that gives due consideration to the then prevailing market convention for determining a rate of interest for comparable Lender-originated commercial loans in the United States at such time, and, if necessary, Lender and Borrower shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.  Such alternate rate shall be adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation.  Until an alternate rate of interest shall be determined in accordance with this Section 2.03(d), interest on each Revolving Credit 

Loan advance shall accrue at the Prime Rate plus the margin referenced above .  If the alternate rate of interest determined pursuant to this Section 2.03(d) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

3.    Costs and Expenses.  Borrower shall reimburse Lender upon demand for all out-of-pocket costs and expenses (including, without limitation, Attorneys’ Fees and expenses) incurred by Lender in the preparation, negotiation and execution of this Amendment and any and all other agreements, documents, instruments and/or certificates relating to the amendment of Borrower’s existing credit facilities with Lender.  Borrower further agree to pay or reimburse Lender for (a) any stamp or other taxes (excluding income or gross receipts taxes) which may be payable with respect to the execution, delivery, filing and/or recording of any of the Loan Documents, and (b) the cost of any filings and searches, including, without limitation, Uniform Commercial Code filings and searches.  

4.    References to Agreement.  All references in the Agreement to “this Agreement” and any other references of similar import shall henceforth mean the Agreement as amended by this Amendment.  Except to the extent specifically amended by this Amendment, all of the terms, provisions, conditions, covenants, representations and warranties contained in the Agreement shall be and remain in full force and effect and the same are hereby ratified and confirmed.

5.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns, except that Borrower may not assign, transfer or delegate any of its rights or obligations under the Agreement as amended by this Amendment.

6.    Representations and Warranties.  Borrower represents and warrants to Lender that:

(a)    the execution, delivery and performance by Borrower of this Amendment are within the corporate powers of Borrower, have been duly authorized by all necessary corporate action and require no action by or in respect of, consent of or filing, recording or registration with, any governmental or regulatory instrumentality, authority, body, agency or official or any other Person;

(b)    the execution, delivery and performance by Borrower of this Amendment do not conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under or result in any violation of, the terms of the Certificate of Incorporation or By‐laws of Borrower, any applicable law, rule, regulation, order, writ, judgment or decree of any governmental authority or any agreement, document or instrument to which Borrower is a party or by which Borrower or any of its Property is bound or to which Borrower or any of its Property is subject;

(c)    this Amendment has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

(d)    all of the representations and warranties made by Borrower in the Agreement and/or in any other Loan Document are true and correct in all material respects on and as of the date of this Amendment as if made on and as of the date of this Amendment; and

(e)    as of the date of this Amendment and after giving effect to this Amendment, no Default or Event of Default under or within the meaning of the Agreement has occurred and is continuing.

7.    Inconsistency.  In the event of any inconsistency or conflict between this Amendment and the Agreement, the terms, provisions and conditions contained in this Amendment shall govern and control.

8.    Governing Law.  This Amendment shall be governed by and construed in accordance with the substantive laws of the State of Missouri (without reference to conflict of law principles) but giving effect to Federal laws applicable to national banks.

9.    Notice Required by Section 432.047 R.S. Mo.  ORAL OR UNEXECUTED AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, 

REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT.  TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT. 

10.    Counterparts.  This Amendment may be signed in any number of counterparts (including facsimile counterparts), each of which shall be an original with the same effect as if the signatures thereto and hereto were upon the same instrument.

11.    Conditions Precedent.  Notwithstanding any provision contained in this Amendment to the contrary, this Amendment shall not be effective unless and until Agent shall have received:

(a)    this Amendment, duly executed by Borrower;

(b)    a Certificate of Secretary (with resolutions attached), certified by the Secretary of Borrower;

(c)    recent certificates of corporate good standing for Borrower, issued by the Secretaries of State of Delaware and Missouri; and

(d)    such other documents and information as reasonably requested by Lender or any Lender.

Borrower and Lender executed this Amendment as of the Effective Date.

[SIGNATURES ON FOLLOWING PAGE]

SIGNATURE PAGE-
SECOND AMENDMENT TO LOAN AGREEMENT

	
	
	Borrower:

	ENTERPRISE FINANCIAL SERVICES CORP

	By:  /s/ Mark G. Ponder

	Name:  Mark G. Ponder

	Title:  Senior Vice President and Controller

	 

	 

	Lender:

	U.S. BANK NATIONAL ASSOCIATION

	By:  /s/ Phillip S. Hoerchler

	Name:  Phillip S. Hoerchler

	Title:  Vice President

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