Document:

EX-10.1

 EXHIBIT 10.1 

FOURTH AMENDMENT 
 This FOURTH
AMENDMENT (this “Amendment”) is made effective as of May 2, 2017 (the “Effective Date”) among AIR T, INC., a Delaware corporation (“Air T”), MOUNTAIN AIR CARGO, INC., a North Carolina
corporation (“Mountain Air”), GLOBAL GROUND SUPPORT, LLC, a North Carolina limited liability company (“Global Ground”), CSA AIR, INC., a North Carolina corporation (“CSA”), GLOBAL AVIATION SERVICES,
LLC, a North Carolina limited liability company (“Global Aviation”), AIR T GLOBAL LEASING, LLC, a North Carolina limited liability company (“Air T Leasing”), STRATUS AERO PARTNERS LLC (f/k/a Global Aviation Partners
LLC), a Delaware limited liability company (“Stratus”), JET YARD, LLC, an Arizona limited liability company (“Jet Yard”), AIRCO, LLC, a North Carolina limited liability company (“AirCo” and together
with Air T, Mountain Air, Global Ground, CSA, Global Aviation, Air T Leasing, Stratus and Jet Yard, each a “Borrower” and collectively, the “Borrowers”), and BRANCH BANKING AND TRUST COMPANY, a North Carolina
banking corporation (the “Bank”). Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as defined below). 

W I T N E S S E T H 
 WHEREAS, a
$25 million revolving credit facility was previously established in favor of the Borrowers pursuant to the terms of that certain Credit Agreement (as amended, modified, supplemented, increased and extended from time to time, the “Credit
Agreement”) dated April 1, 2015 between the Borrowers and the Bank; 
 WHEREAS, Air T has formed a Wholly-Owned Subsidiary
named AirCo, LLC which will purchase substantially all of the assets of Aircraft Instrument and Radio Company, Incorporated and Aircraft Instrument & Radio Services, Inc. (the “Aircraft Instrument Acquisition”); 

WHEREAS, given the Aircraft Instrument Acquisition will not qualify as a Permitted Acquisition, AirCo is prohibited from making the Aircraft
Instrument Acquisition without the prior written consent of the Bank; 
 WHEREAS, contemporaneously herewith, AirCo has joined the Credit
Agreement as a Borrower and the Security Agreement as a Debtor pursuant to a Joinder Agreement dated as of even date herewith between AirCo and the Borrower; 

WHEREAS, the Bank has agreed to finance the Aircraft Instrument Acquisition by making a $2.4 million term loan to the Borrowers pursuant
to the Credit Agreement; 
 WHEREAS, the Borrowers have requested that the Bank suspend measurement of the Consolidated Asset Coverage Ratio
for the June 30, 2017, September 30, 2017 and December 31, 2017 measurement dates; 
 WHEREAS, the Borrowers and the Bank are
entering into this Amendment to (i) consent to the Aircraft Instrument Acquisition, (ii) establish a $2.4 million term loan to finance the Aircraft Instrument Acquisition, (iii) suspend the Consolidated Asset Coverage Ratio as
described above and (iv) to make such other changes as are set forth herein. 

 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments to the Credit
Agreement. 
 (a) The following definitions are hereby added to Section 1.1 in the appropriate
alphabetical order: 
 “Applicable Term Loan Margin” means the following percentages per annum, based upon
the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Bank pursuant to Section 6.1(c): 
  

					
	 Pricing
 Tier
	  	Consolidated Leverage Ratio	  	Applicable
Margin
	I	  	< 2.50: 1.00	  	1.75%
	II	  	3 2.50: 1.00 but < 3.00 to 1.00	  	2.00%
	III	  	3 3.00:1.00	  	2.25%

 Any increase or decrease in the Applicable Term Loan Margin resulting from a change in the Consolidated
Leverage Ratio shall become effective as of the second Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.1(c); provided, however, that if a
Compliance Certificate is not delivered when due in accordance with such Section, then, at the Bank’s election, Pricing Tier III shall apply as of the second Business Day after the date on which such Compliance Certificate was required to have
been delivered and shall remain in effect until the second Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 6.1(c). The Applicable Term Loan Margin in
effect from the effective date of the Fourth Amendment through the second Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.1(c) for the fiscal quarter
ending March 31, 2017 shall be determined based upon Pricing Tier III. 
 “Consolidated Asset Coverage
Ratio” means, as of any date of determination for the Borrowers on a consolidated basis, the ratio of (a) the sum of accounts receivable as of such date plus Eligible Inventory as of such date plus fixed assets net of
depreciation as of such date plus the cash value of any life insurance policy owned by a Borrower which has been assigned to the Bank pursuant to documentation satisfactory to the Bank as of such date to (b) the sum of the principal
balance of all Revolving Loans outstanding as of such date plus the principal balance of the Term Loan on such date. 

“Fourth Amendment” means the Fourth Amendment dated May 2, 2017 between the Borrowers and the Bank. 

“Term Loan” has the meaning set forth in Section 2.6(a). 

“Term Note” means the Term Note dated May 2, 2017 in the original principal amount of $2,400,000 given by
the Borrowers to further evidence the Term Loan. 

  
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 (b) The following definitions set forth in Section 1.1
are hereby amended and restated to read as follows: 
 “Adjusted LIBOR Rate” means a rate of interest per
annum equal to the sum obtained (rounded upwards, if necessary, to the next higher 1/16th of 1.00%) by adding (a) One-Month LIBOR and (b) with
respect to the Revolving Loans, the Applicable Margin, and with respect to the Term Loan, the Applicable Term Loan Margin. The Adjusted LIBOR Rate shall be adjusted monthly on the first day of each LIBOR Interest Period. The Adjusted LIBOR Rate
shall be adjusted for any change in the LIBOR Reserve Percentage so that the Bank shall receive the same yield. 

“Loan Documents” means this Agreement, the Revolving Note, the Term Note, the Security Agreement, the
Assignment of Life Insurance, any Letter of Credit Application, any Swap Agreement and any other agreement or instrument related thereto. 

“Obligations” means all of the undertakings and promises of any of the Borrowers under the Loan Documents
including, without limitation, (a) the payment of principal and interest on Revolving Loans as evidenced by the Revolving Note, (b) the payment of principal and interest on the Term Loan as evidenced by the Term Note, (c) all
obligations under any Swap Agreement and (d) the payment and performance of all other obligations, liabilities and Indebtedness pursuant to the agreements, representations, warranties and covenants contained in the Loan Documents. 

“One Month LIBOR” means the average rate quoted on Bloomberg Finance L.P., or any electronic quoting service
or commonly available source utilized by Bank, on the determination date for deposits in U. S. Dollars offered in the London interbank market for one month determined as of 11:00 am London time two (2) Business Days prior to the commencement of
the applicable LIBOR Interest Period; provided that if the above method for determining One Month LIBOR is not available, the rate quoted in The Wall Street Journal, or, if such rate is not quoted in therein, a rate determined by a
substitute method of determination agreed on by the Borrower Agent and the Bank for the One Month LIBOR within a reasonable period of time (in the Bank’s sole judgment); and provided further that if One Month LIBOR determined as provided above
would be less than zero percent (0%), then One Month LIBOR shall be deemed to be zero percent (0%). However, if an agreement is not reached within such time, a rate for One Month LIBOR shall be determined by Bank in its reasonable discretion as a
rate being paid, as of the determination date, by first class banking organizations (as determined by the Bank) in the London interbank market for U. S. Dollar deposits. 

“Standard Rate” means, for any day, a rate per annum (rounded upwards, if necessary, to the next higher of
1/16th of 1.00%) equal to (i) the Prime Rate minus 2.75% minus (ii) with respect to the Revolving Loans, the Applicable Margin, and with respect to the Term Loan, the
Applicable Term Loan Margin, and each change in the Standard Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective. 

  
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 (c) A new Section 2.6 is hereby added to read as
follows: 
 Section 2.6 Term Loan 

(a) Amount. The Bank hereby agrees to make a term loan in the principal amount of $2,400,000 (the “Term
Loan”) to the Borrowers on effective date of the Fourth Amendment. 
 (b) Note and Purpose. The Term Loan
shall be evidenced by the Term Note The proceeds of the Term Loan will be used by the Borrowers to finance the Aircraft Instrument Acquisition (as defined in the Fourth Amendment). 

(c) Rate of Interest. Subject to Section 2.3(b) hereof, the outstanding principal balance of the Term Note shall
bear interest at the Adjusted LIBOR Rate. 
 (d) Repayment. Interest on the outstanding principal balance of the Term
Loan shall be due and payable monthly, in arrears, on the first day of each month, commencing June 1, 2017. Principal shall be payable in equal monthly payments of $200,000 due on the first day of each month, commencing June 1, 2017. The
entire principal balance and all accrued unpaid interest under the Term Loan shall be due and payable in full on May 1, 2018 or such earlier date as may be required hereunder. 

(d) Each reference to “Revolving Loan” or “Revolving Loans” in Section 2.3(b), Article III,
Section 5.14, Section 8.1(a), Section 8.2 and Section 9.10 shall be deemed to also refer to the Term Loan. 

(e) A new Section 6.17 is hereby added to read as follows: 

Section 6.17 Post-Closing Deliverable (Term Loan). Within thirty (30) days of the effective date
of the Fourth Amendment, deliver to the Bank a landlord waiver acceptable to the Bank with respect to AirCo’s leased facility in Wichita, Kansas. 

(f) The Consolidated Asset Coverage Ratio covenant set forth in Section 7.11(d) will not be measured for the fiscal quarters ending
June 30, 2017, September 30, 2017 and December 31, 2017. The Consolidated Asset Coverage Ratio will be measured again on the fiscal quarter ending March 31, 2018 and on each fiscal quarter end thereafter. 

2. Aircraft Instrument Acquisition Consent. The Borrowers hereby request, and the Bank hereby consents to the Aircraft Instrument
Acquisition. This consent is limited solely to the matter described in the preceding sentence, and nothing contained in this Amendment shall be deemed to create a course of dealing or constitute a waiver of Section 7.8 of
the Credit Agreement in the future or any other rights or remedies the Bank may have under any of the Loan Documents or under applicable law. 

3. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the satisfaction of the following conditions: 

(a) Executed Amendment and Term Note. Receipt by the Bank of a duly executed Term Note and a counterpart of this Amendment by the
Borrowers. 
 (b) Legal Opinion. Receipt by the Bank of an opinion, or opinions, satisfactory to the Bank in its reasonable
discretion, addressed to the Bank from legal counsel to the Borrowers. 

  
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 (c) Organizational Documents. Receipt by the Bank of the following: 

(i) Charter Documents. Copies of articles of incorporation, certificate of organization or formation, or other like
document for each of the Borrowers certified as of a recent date by the appropriate Governmental Authority. 
 (ii)
Organizational Documents Certificate. (A) Copies of bylaws, operating agreement, partnership agreement of AirCo, (B) copies of resolutions of each Borrower approving and authorizing the execution, delivery and performance of this
Amendment and any other Loan Documents executed as of the Effective Date to which such Borrower is a party, in each case certified as of the Effective Date by its secretary or assistant secretary as being in full force and effect without revocation,
modification or amendment. 
 (iii) Good Standing Certificate. Copies of certificates of good standing, existence or
the like of a recent date prior to the Effective Date for each of the Borrowers from the appropriate Governmental Authority of its jurisdiction of formation or organization. 

(d) Insurance Certificate. Receipt by the Bank of copies of insurance policies or certificates of insurance of AirCo,
LLC evidencing liability and property insurance meeting the requirements of the Loan Documents, including, but not limited to, naming the Bank as additional insured (in the case of liability insurance) or lender’s loss payable (in the case of
property insurance). 
 (e) Joinder Agreement. Receipt by the Bank of a joinder agreement and such other deliverables
required under Section 6.14 of the Credit Agreement to join AirCo to the applicable Loan Documents and the loan documents related to the real estate loan. 

(f) Expenses. Payment by the Borrowers of all reasonable
out-of-pocket costs and expenses of the Bank in connection with the negotiation, preparation, execution, delivery and administration of this Amendment (including,
without limitation, the reasonable fees and expenses of Moore & Van Allen, PLLC, special counsel to the Bank). 

(g) Fees. Payment by the Borrowers of an upfront fee related to the Term Loan equal to $5,000 and a waiver fee related
to the suspension of the Consolidated Asset Coverage Ratio for the periods described herein equal to $5,000. 
 (h)
Other. Receipt by the Bank of such other documents, instruments, agreements or information as reasonably requested by the Bank. 
 4.
Amendment is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in the Credit Agreement and the other Loan Documents (including, without limitation, all such references in the
representations and warranties in the Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment. 
 5.
Reaffirmation of Representations and Warranties. Each Borrower represents and warrants that (a) each of the representations and warranties set forth in the Loan Documents is true and correct in all material respects as of the date hereof
(except those that expressly relate to an earlier period) and (b) no Default has occurred and is continuing. 
 6. Reaffirmation of
Obligations. Each Borrower (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents, (c) agrees that this Amendment and all documents executed
in connection herewith do not operate to reduce or 

  
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discharge such Borrower’s obligations under the Loan Documents and (d) acknowledges and agrees that the obligations of the Borrowers with respect to the Term Loan constitute
“Obligations” that are secured by the Security Agreement. This Amendment is not intended to effect, nor shall it be construed as, a novation. 

7. No Other Changes. Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and
effect. 
 8. Counterparts; Delivery. This Amendment may be executed in any number of counterparts, each of which when so executed and
delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. Delivery of an executed counterpart of this Amendment by facsimile or other electronic
imaging means shall be effective as an original. 
 9. Costs and Expenses. The Borrowers agree that they shall pay, upon demand by the
Bank, the costs and expenses of the Bank in connection with the execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of counsel to the Bank. 

10. Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance
with, the laws of the State of North Carolina. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the Borrowers have caused a counterpart of this Fourth Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	AIR T, INC.
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	MOUNTAIN AIR CARGO, INC.
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	GLOBAL GROUND SUPPORT, LLC
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	CSA AIR, INC.
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	GLOBAL AVIATION SERVICES, LLC
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	

 [Signature Page – Fourth Amendment] 

  

			
	AIR T GLOBAL LEASING, LLC
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	STRATUS AERO PARTNERS LLC
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	 JET YARD, LLC
  

By: STRATUS AERO PARTNERS LLC, its sole member

		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	
	
	AIRCO, LLC
		
	By: /s/ Candice Otey                                	 	(SEAL)
	Name: Candice
Otey                                   	 	
	Title:
CFO                                         
        	 	

 [Signature Page – Fourth Amendment] 

 IN WITNESS WHEREOF, the Bank caused a counterpart of this Fourth Amendment to be duly executed
and delivered as of the date first above written. 
  

			
	BRANCH BANKING AND TRUST COMPANY 
		
	By:	 	 /s/ G. Christopher Hill

		 	G. Christopher Hill
		 	Senior Vice President

 [Signature Page – Fourth Amendment]Exhibit

Exhibit 10.1

EXECUTION VERSION

SECOND AMENDMENT TO CREDIT AGREEMENT

This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of February 15, 2017 and effective in accordance with Section 3 below, by and among REALPAGE, INC., a Delaware corporation (the “Borrower”), certain subsidiaries of the Borrower party hereto, certain of the Lenders referred to below, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders party to the Credit Agreement (“Administrative Agent”).
STATEMENT OF PURPOSE:
WHEREAS, the Borrower, certain financial institutions party thereto (the “Lenders”) and the Administrative Agent have entered into that certain Credit Agreement dated as of September 30, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested certain amendments to the Credit Agreement as set forth more fully herein; 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.    Capitalized Terms.  All capitalized undefined terms used in this Amendment (including, without limitation, in the introductory paragraph and the statement of purpose hereto) shall have the meanings assigned thereto in the Credit Agreement (as amended by this Amendment).
Section 2.    Amendments to Credit Agreement.  Effective as of the Second Amendment Effective Date (as defined below) and subject to the terms and conditions set forth herein and in reliance upon representations and warranties set forth herein, the parties hereto agree that the Credit Agreement is amended as follows:
(a)The definition of “Consolidated EBITDA” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
““Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP: 
(a)Consolidated Net Income for such period plus 
(b)the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for such period: 
(i)    provisions for taxes based on income, profits or capital, including federal, foreign and state income, franchise taxes, and similar taxes based on income, profits or capital paid or accrued during such period (including in respect of repatriated funds), 
(ii)    Consolidated Interest Expense, 
(iii)    amortization, depreciation and other non‐cash charges, expenses or losses (except to the extent that such non-cash charges, expenses or losses are reserved for cash expenses to be taken in the future), 
(iv)    unusual or extraordinary losses (excluding extraordinary losses from discontinued operations), 
(v)    one-time restructuring and integration expenses (which for the avoidance of doubt, shall include, but not be limited to, retention, severance, systems establishment costs, contract termination costs, including future lease commitments, and costs to consolidate facilities and relocate employees) in an aggregate amount not to exceed $5,000,000 during any twelve (12) month period; provided that any such restructuring and integration expenses that relate to any Permitted Acquisition may only be included in this clause (v) to the extent incurred more than twelve (12) months following the consummation of such Permitted Acquisition, 

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(vi)    one-time restructuring and integration expenses (which for the avoidance of doubt, shall include, but not be limited to, retention, severance, systems establishment costs, contract termination costs, including future lease commitments, and costs to consolidate facilities and relocate employees) incurred by the Borrower and its Subsidiaries in connection with, and directly related to, any Permitted Acquisition, only to the extent that such restructuring and integration expenses are incurred within twelve (12) months following the consummation of such Permitted Acquisition; provided that the aggregate amount added back in reliance on this clause (vi), together with amounts added back under clause (vii), shall not exceed twenty percent (20%) of Consolidated EBITDA for such period (calculated prior to giving effect to any such amounts added back under clauses (vi) and (vii)),
(vii)    non-recurring costs, extraordinary expenses and other pro forma adjustments (including anticipated cost savings and other synergies) attributable to Specified Transactions that have been consummated during such period to the extent that such costs, expenses or adjustments (A) are reasonably expected to be realized within twelve (12) months of such Specified Transaction as set forth in reasonable detail on a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent and (B) are calculated on a basis consistent with GAAP and are, in each case, reasonably identifiable, factually supportable, and expected to have a continuing impact on the operations of the Borrower and its Subsidiaries; provided that (x) the aggregate amount added back in reliance on this clause (vii), together with amounts added back under clause (vi), shall not exceed twenty percent (20%) of Consolidated EBITDA for such period (calculated prior to giving effect to any such amounts added back under clauses (vi) and (vii)) and (y) the aggregate amount of cost savings and other synergies (actual or anticipated) added back in reliance on this clause (vii) shall not exceed fifteen percent (15%) of Consolidated EBITDA for such period (calculated prior to giving effect to any such amounts added back under this clause (vii)),
(viii)    one-time out-of-pocket costs and expenses incurred by the Borrower and its Subsidiaries in connection with, and directly related to, (A) the Transactions, (B) any Permitted Acquisition, (C) issuances of any Equity Interests, (D) dispositions of any assets permitted hereunder, (E) incurrence, amendment, modification, refinancing or repayment of Indebtedness (in each case of clauses (B) through (E), whether or not successful), including, without limitation, legal, accounting and advisory fees, provided that to the extent incurred after the Closing Date or the consummation of the applicable transaction, such out-of-pocket costs and expenses may only be included to the extent that such out-of-pocket costs and expenses are incurred within twelve (12) months following the Closing Date or the consummation of such transaction, as applicable,
(ix)    litigation fees, costs and expenses (but exclusive of any payments that are funded with proceeds of Borrower’s liability insurance) incurred by Borrower and its Subsidiaries during the preceding twelve (12) month period, not to exceed $5,000,000 in the aggregate for any such period,
(x)    one-time facility consolidation, closing and relocation costs and expenses incurred in connection with the  transition or relocation of the Borrower’s headquarters location and consolidation of the Borrower’s offices not currently a part of Borrower’s headquarters location, less 
(c)    the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period: 
(i) interest income, 
(ii) any unusual or extraordinary gains; and 
(iii) non-cash gains or non-cash items increasing Consolidated Net Income; 

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provided that, to the extent included in determining Consolidated Net Income for such period, Consolidated EBITDA shall be calculated so as to exclude (x) the effects of adjustments (including, without limitation, in connection with the fair value adjustment tied to the Borrower’s deferred revenue and fair value adjustments determined in accordance with GAAP related to Earn-outs, Holdbacks or other contingent consideration obligations) resulting from the application of purchase accounting related to the Transactions, any Acquisition consummated prior to the date hereof or any Permitted Acquisition or the amortization or write-off of any amounts thereof, net of Taxes and (y) the cumulative effect of any changes in GAAP or accounting principles applied by management during such period.  For purposes of this Agreement, Consolidated EBITDA shall be calculated on a Pro Forma Basis.”
(b)The definition of “Pro Forma Basis” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
““Pro Forma Basis” means, for purposes of calculating Consolidated EBITDA for any period during which one or more Specified Transactions occurs, that such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement and Consolidated EBITDA shall be determined by (a) with respect to any such Specified Disposition, excluding the Consolidated EBITDA attributable to the Property or Person disposed of in such Specified Disposition and (b) with respect to any such Permitted Acquisition, including the Consolidated EBITDA attributable to the Property or Person acquired in such Permitted Acquisition, in each case for such period (calculated based on the Consolidated EBITDA for such Property or Person prior to such acquisition, including any amounts added back or deducted pursuant to the definition of Consolidated EBITDA) (provided that such Consolidated EBITDA to be included is reflected in financial statements or other financial data reasonably acceptable to the Administrative Agent and based upon reasonable assumptions and calculations which are expected to have a continuous impact); provided that the foregoing amounts shall be without duplication of any adjustments that are already included in the calculation of Consolidated EBITDA.
If a transaction which is conditioned on compliance on a Pro Forma Basis with the covenants set forth in Section 9.13 is consummated prior to the first date on which such covenant is required to be satisfied, the level required for such first date shall be deemed to apply for determining such compliance on a Pro Forma Basis.
Any Permitted Acquisition or incurrence of Indebtedness under Section 9.1(r) which is conditioned on, or determined by reference to, compliance on a Pro Forma Basis with Section 9.13, may include an increase in the required Consolidated Net Leverage Ratio under Section 9.13(a) to the extent permitted pursuant to the second paragraph of such Section if the Borrower has elected to exercise such increase by giving written notice to the Administrative Agent not less than five (5) Business Days’ prior to the consummation of such Permitted Acquisition or incurrence of Indebtedness.”
(c)Section 1.1 of the Credit Agreement is hereby amended by adding the following new definition of “Second Amendment Effective Date” in the appropriate alphabetical order to read as follows:
““Second Amendment Effective Date” means February 15, 2017.”
(d)Section 2.7(a) of the Credit Agreement is hereby amended by (i) replacing the reference therein to “First Amendment Effective Date” with “Second Amendment Effective Date” and (ii) replacing the reference therein to “$25,000,000” with “$150,000,000”.
Section 3.    Conditions to Effectiveness.  This Amendment shall be deemed to be effective upon the satisfaction or waiver of each of the following conditions to the reasonable satisfaction of the Administrative Agent (such date, the “Second Amendment Effective Date”):
(a)    The Administrative Agent’s receipt of this Amendment, duly executed by each of the Credit Parties, the Administrative Agent, and the Required Lenders.

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(b)    Payment of all expenses of the Administrative Agent, to the extent invoiced at least two (2) Business Days prior to the Second Amendment Effective Date (except as otherwise reasonably agreed to by the Borrower), required to be paid on the Second Amendment Effective Date.
(c)    The representations and warranties in Section 4 of this Amendment shall be true and correct as of the Second Amendment Effective Date. 
For purposes of determining compliance with the conditions specified in this Section 3, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Second Amendment Effective Date specifying its objection thereto.
Section 4.    Representations and Warranties.  By its execution hereof, each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof after giving effect to this Amendment:
(a)    each of the representations and warranties made by the Credit Parties in or pursuant to the Loan Documents is true and correct in all material respects (except to the extent that such representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which case it shall be true and correct in all respects), in each case, on and as of the date hereof as if made on and as of the date hereof, except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date;
(b)    no Default or Event of Default has occurred and is continuing as of the date hereof or after giving effect hereto;
(c)    it has the right and power and is duly authorized and empowered to enter into, execute and deliver this Amendment and to perform and observe the provisions of this Amendment; 
(d)    this Amendment has been duly authorized and approved by such Credit Party’s board of directors or other governing body, as applicable, and constitutes a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and
(e)    the execution, delivery and performance of this Amendment do not conflict with, result in a breach in any of the provisions of, constitute a default under, or result in the creation of a Lien (other than Permitted Liens) upon any assets or property of any of the Credit Parties, or any of their respective Subsidiaries, under the provisions of, such Credit Party’s or such Subsidiary’s organizational documents or any material agreement to which such Credit Party or Subsidiary is a party.
Section 5.    Effect of this Amendment.  On and after the Second Amendment Effective Date, references in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby.  Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect.  Except as expressly set forth herein, this Amendment shall not be deemed (a) to be a waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any other 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 otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower 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 or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other 

4
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agreement by and among the Credit Parties, on the one hand, and the Administrative Agent or any other Lender, on the other hand.    
Section 6.    Costs and Expenses. The Borrower hereby reconfirms its obligations pursuant to Section 12.3 of the Credit Agreement to pay and reimburse the Administrative Agent and its Affiliates in accordance with the terms thereof.
Section 7.    Acknowledgments and Reaffirmations.  Each Credit Party (a) consents to this Amendment and agrees that the transactions contemplated by this Amendment shall not limit or diminish the obligations of such Person under, or release such Person from any obligations under, any of the Loan Documents to which it is a party, (b) confirms and reaffirms its obligations under each of the Loan Documents to which it is a party and (c) agrees that each of the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and confirmed.
Section 8.    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 9.    Counterparts.  This Amendment may be executed in any number of counterparts, and by different parties hereto in separate counterparts and by facsimile signature, each of which counterparts when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
Section 10.    Electronic Transmission.  Delivery of this Amendment by facsimile, telecopy or pdf shall be effective as delivery of a manually executed counterpart hereof; provided that, upon the request of any party hereto, such facsimile transmission or electronic mail transmission shall be promptly followed by the original thereof.
Section 11.    Nature of Agreement.  For purposes of determining withholding Taxes imposed under FATCA from and after the Second Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement (as amended by this Amendment) as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
[Signature Pages Follow]

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86549757_5

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date and year first above written.

BORROWER:

REALPAGE, INC.

By:    /s/ W. B. Hill                        
Name:    W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer

SUBSIDIARY GUARANTORS:

MULTIFAMILY INTERNET VENTURES, LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

PROPERTYWARE LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

LEVEL ONE LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

RP ABC LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

RealPage, Inc.
Second Amendment to Credit Agreement
Signature Page

REALPAGE VENDOR COMPLIANCE LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

VELOCITY UTILITY SOLUTIONS LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

KIGO, INC.

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer

LEASESTAR LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

RP NEWCO XV LLC

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer of RealPage, Inc., Sole Member

NWP SERVICES CORPORATION

By:    /s/ W. B. Hill                        
Name:  W. Bryan Hill
Title:  Executive Vice President, Chief Financial Officer &
Treasurer

RealPage, Inc.
Second Amendment to Credit Agreement
Signature Page

ADMINISTRATIVE AGENT AND LENDERS:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, Issuing Lender and Lender

By:     /s/ Reid R. Landers                    
Name:  Reid R. Landers
Title:  Vice President

FIFTH THIRD BANK, as Lender

By:     /s/ Glen Mastey                
Name:  Glen Mastey 
Title:  Managing Director

COMERICA BANK, as Lender

By:     /s/ Charles Fell                    
Name:  Charles Fell 
Title:  Vice President

BANK OF AMERICA, N.A., as Lender

By:     /s/ Jennifer Yan                    
Name:  Jennifer Yan 
Title:  Senior Vice President

JPMORGAN CHASE BANK, N.A., as Lender

By:     /s/ Justin Kelley                    
Name:  Justin Kelley 
Title:  Executive Director

REGIONS BANK, as Lender

By:     /s/ Jason Douglas                
Name:   Jason Douglas 
Title:  Director

RealPage, Inc.
Second Amendment to Credit Agreement
Signature Page

CAPITAL ONE, NATIONAL ASSOCIATION, as Lender 

By:     /s/ Ali Zaidi                    
Name: Ali Zaidi 
Title: Duly Authorized Signatory

RealPage, Inc.
Second Amendment to Credit Agreement
Signature Page

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