Document:

exv10w1

Exhibit 10.1

Agreement to Sell

This Agreement to Sell (the “Agreement”) is being executed on this Eighteenth day of November,
2009, at Bangalore by and between:

	I.	 	Bhoruka Financial Services Limited, a company incorporated under the provisions of the
Companies Act, 1956 and having its registered office at 35/9, Langford Road Cross, Langford
Town, Bangalore 560 025 (hereinafter referred to as the “Seller”, which expression shall,
unless it be repugnant to the context or meaning thereof, be deemed to mean and include its
successors-in-interest and permitted assigns) acting through its authorized signatory, Mr.
Amit Grover appointed by way of a Board Resolution dated November 13, 2009 of the First Part
	 
	 	 	PAN Number: AACCB0771E

AND

	II.	 	NetApp India Private Limited, a
company incorporated under the
provisions of the Companies Act,
1956 and having its registered
office at 3rd Floor,
Fair Winds Block, Embassy Golflinks
Business Park, Off
Indiranagar-Koramangala
Intermediate Ring Road, Bangalore
560 071 (hereinafter referred to as
the “Buyer” which expression shall,
unless it be repugnant to the
context or meaning thereof, be
deemed to mean and include its
successors-in-interest and
permitted assigns) acting through
its authorized signatory, Mr.
Vikram Shah, appointed by way of a
Board Resolution dated November 13,
2009 of the Second Part
	 
	 	 	PAN Number: AABCN4063A

The Seller and the Buyer are hereinafter individually referred to as a “Party” and collectively as
the “Parties”, as the context may require.

WHEREAS

	A.	 	The Seller is the absolute owner of fifteen (15) acres of land bearing survey numbers 26, 31
and 32 of Hoodi Village, Krishnarajapuram Hobli, Bangalore South Taluk, as more fully
described in the Schedule to this Agreement including all developments thereon (the “Schedule
Property”) and is fully competent to deal with the Schedule Property in any manner whatsoever;

	B.	 	The Buyer has completed the physical assessment of the Schedule Property and after due
inspection and verification of the Schedule Property, ownership record of the Schedule
Property and other documents relating to the title, nature and usage of the Schedule Property,
competency and all other relevant details and pursuant thereto, the Buyer is executing this
Agreement;

	C.	 	The Buyer has completed a physical inspection of the Schedule Property and is aware of the
current physical condition of the Schedule Property. The Buyer has approached the

-1-

 

	 	 	Seller to purchase the Schedule Property, in its current physical condition as on the date
of this Agreement, without any further improvements thereon;

	D.	 	The Buyer confirms that it is executing this Agreement with full knowledge of all the laws,
bye-laws, rules and regulations issued by any governmental authority having jurisdiction over
the Schedule Property, which are applicable to the Schedule Property;

	E.	 	The Seller represents and warrants that it has obtained the approval of its Board of
Directors and shareholders for sale of the Schedule Property and the Buyer acknowledges
receipt of copies of such records; and

	F.	 	The Seller has agreed to sell the Schedule Property to the Buyer in accordance with the terms
hereof.

NOW THIS AGREEMENT TO SELL WITNESSETH AS UNDER:

	1.	 	Consideration

	 	1.1.	 	The Seller hereby agrees to convey the Schedule Property to the Buyer for a
total consideration of Rs.121,50,00,000/- (Rupees One Hundred and Twenty One Crore
Fifty Lakh Only; the “Consideration”). The Parties agree that the Consideration shall
be paid to the Seller in the following manner.
	 
	 	1.2.	 	The Parties shall mutually appoint an “Escrow Agent” who shall act as an escrow
agent to the Parties and the Parties and the Escrow Agent shall execute an “Escrow
Agreement” simultaneous to the execution of this Agreement.
	 
	 	1.3.	 	Within a period of five (5) days (or such further time period as may be
mutually agreed to between the Parties) from the execution of the Escrow Agreement, the
Buyer shall deposit twenty percent (20%) of the Consideration, amounting to
Rs.24,30,00,000/- (Rupees Twenty Four Crore Thirty Lakh Only; the “Escrow Amount”) with
the Escrow Agent as an earnest money deposit.
	 
	 	1.4.	 	Simultaneous to the execution and registration of the Sale Deed and subject to
the satisfaction of the conditions set out in Annexure I hereto to the mutual
satisfaction of the Parties (or the waiver by the Buyer of such conditions in writing)
(i) the Seller and the Buyer shall issue a Release Certificate (as hereinafter defined)
to the Escrow Agent authorizing the release of the Escrow Amount along with interest
thereon to the Seller, and pursuant thereto, the Escrow Agent shall release the Escrow
Amount along with interest thereon to the Seller by way of a demand draft; and (ii) the
Buyer shall also pay the remaining eighty percent (80%) of the Consideration, being a
sum of Rs.97,20,00,000/- (Rupees Ninety Seven Crore Twenty Lakh Only) to the Seller by
way of a demand draft. It is clarified that the obligations of each of the Parties in
this Clause 1.4 are interdependent on each other. None of the actions set out
in this Clause 1.4 shall be deemed to have occurred unless all of the
obligations specified in this Clause 1.4 are complied with and are fully
effective in accordance with the provisions hereof.

-2-

 

	 	1.5.	 	“Release Certificate” shall mean a certificate in writing issued jointly by the
Parties in terms of Clause 1.4, Clause 10.1, Clause 10.2 or
Clause 10.3 of this Agreement, authorizing the Escrow Agent to release the
Escrow Amount and the applicable interest thereon to either the Buyer or the Seller, as
more fully set out in the applicable Clause hereof. The Release Certificate shall be
in the form set out at Annexure II.

	2.	 	The Buyer has issued a notification to the public of its intent to purchase the Schedule
Property in a form mutually agreed between the Parties. In case of any objection by any third
party affecting the Seller’s title to the Schedule Property received in response to the public
notification issued on November 10, 2009 and November 11, 2009, the same shall be addressed by
the Seller on or before the Long Stop Date (as hereinafter defined).

	3.	 	In the event the Seller has completed its obligations under Annexure I, the Seller shall
inform the Buyer about such completion and the Buyer shall revert to the Seller within two (2)
working days, either confirming such completion or setting out its reservations. It is
however expressly clarified that failure by a Party to provide notice to the other Party
within the timeframes set out in this Clause 3 shall not give rise to any implied
rights or waiver of rights in favour of the other Party.
	 
	 	 	Upon completion by the Seller of the items mentioned in Annexure I (or waiver thereof in
writing by the Buyer), the Parties shall execute a sale deed in a mutually agreed form in
line with the understandings set out in this Agreement (the “Sale Deed”) conveying the
Schedule Property from the Seller to the Buyer on or before December 5, 2009 or such further
date as may be mutually agreed by the Parties in writing (the “Long Stop Date”).
	 
	 	 	The Parties expressly confirm the understanding that in the event the Seller has completed
its obligations hereunder to the mutual satisfaction of the Parties prior to such extended
Long Stop Date, the Parties shall by mutual agreement in writing advance the Long Stop Date
which shall in no case be beyond three (3) days from the date of completion of the items
mentioned in Annexure I, and such advanced date shall be deemed to be the “Long Stop Date”.

	4.	 	The Buyer shall carry out the registration of the Sale Deed with the jurisdictional
sub-registrar and shall bear on its account and pay all stamp duties and registration charges
levied on the Sale Deed including any other administrative costs, etc. The Seller shall
provide all necessary assistance in relation thereto, including ensuring the availability of
its signatory for the aforesaid registration as and when required by the Buyer subject to
mutual convenience.

	5.	 	It is agreed between the Parties that the Seller shall endeavour to complete the items
mentioned in Annexure I to this Agreement prior to the Long Stop Date.

	6.	 	A copy of the Perpetual Easementary Rights Agreement with regard to the Schedule Property and
the property to the rear of the Schedule Property is annexed to this Agreement as Annexure
III.

	7.	 	The Parties agree to make all reasonable efforts to hold the existence of the negotiations
between them relating to the transaction set out herein (the “Negotiations”) in

-3-

 

	 	 	confidence, and shall not at any time disclose or permit the disclosure of the existence or
substance of the Negotiations to any person, without, in each case, obtaining the other
Party’s prior written consent. Notwithstanding the foregoing, either Party may disclose the
existence of the Negotiations to its legal counsel, accountants, real estate consultants,
lenders, engineers, and other persons who need to be aware of the existence of the
Negotiations.
	 
	8.	 	Representations, Warranties and Covenants of the Seller

	 	8.1.	 	The Seller represents, warrants and covenants as follows:

	 	8.1.1.	 	That it is the sole and absolute owner of the Schedule Property;
	 
	 	8.1.2.	 	That as on the date of this Agreement, the Schedule Property is free from any
and all encumbrances, liens, mortgages, charges, actions, acquisition or
requisition proceedings, any other legal proceedings, agreements, tenancies,
fines, penalties, taxes, third party covenants and conditions, third party
rights or restrictions of any kind or nature whatsoever, except as regards the
Perpetual Easementary Rights Agreement executed on July 25, 2005, a copy of
which is appended herewith as Annexure III or any covenants and conditions
attached to governmental approvals or licenses and shall be conveyed and
transferred to the Buyer in terms thereof;
	 
	 	8.1.3.	 	The Seller shall perform its obligations under this Agreement within the time
frame provided in this Agreement and in accordance with this Agreement;
	 
	 	8.1.4.	 	That the Seller shall hand over to the Buyer all the original title documents
and certified copies of revenue records pertaining to the Schedule Property
simultaneously with the execution of the Sale Deed;
	 
	 	8.1.5.	 	That as on the date of this Agreement, the Seller is in compliance with all
relevant environmental, local land reforms/revenue laws/rules and/or
regulations, as applicable, as regards the Schedule Property, and no notice of
non-compliance of any of the aforesaid laws, rules or regulations has been
received by the Seller; and
	 
	 	8.1.6.	 	That all taxes, cesses, betterment charges and all other public dues, as
applicable, in respect of the Schedule Property have been paid as on the date
hereof. The Buyer acknowledges that it has perused a receipt evidencing
payment of property tax to the relevant authorities by the Seller for the year
2009-10.

	9.	 	Representations, Warranties and Covenants of the Buyer

	 	9.1.	 	The Buyer represents, warrants and covenants as follows:

-4-

 

	 	9.1.1.	 	The Buyer shall perform its obligations under this Agreement within the time
frame provided in the Agreement and in accordance with this Agreement;
	 
	 	9.1.2.	 	The Buyer confirms that it is executing this Agreement with full knowledge of
all the laws, bye-laws, rules and regulations issued by any governmental
authority having jurisdiction over the Schedule Property, which are applicable
to the Schedule Property;
	 
	 	9.1.3.	 	The Buyer shall immediately upon receipt forward a copy of the objections
received in response to the public notice published in accordance with
Clause 2. Copies of all objections received, along with all supporting
documents received, shall be forwarded to the Seller by the Buyer by e-mail and
speed post;
	 
	 	9.1.4.	 	The Buyer has completed the physical assessment of the Schedule Property and
after due inspection and verification of the Schedule Property, ownership
record of the Schedule Property and other documents relating to the title,
nature and usage of the Schedule Property, competency and all other relevant
details and pursuant thereto, the Buyer is executing this Agreement;
	 
	 	9.1.5.	 	All taxes, cesses, betterment charges and all other public dues, as
applicable, in respect of the Schedule Property accruing from the date of
execution and registration of the Sale Deed shall be the sole liability of the
Buyer and the Seller shall have no liability whatsoever in respect thereto;
	 
	 	9.1.6.	 	The Buyer shall obtain requisite statutory approvals and licenses to carry
out development on the Schedule Property and the Seller shall have no liability
whatsoever in respect thereto;
	 
	 	9.1.7.	 	The Buyer has received from the Seller copies of the encumbrance certificates
relating to (i) portions of the Schedule Property being Survey Numbers 26 and
31 for the period between April 1, 1928 and October 21, 2009; and (ii) a
portion of the Schedule Property being Survey Number 32 for the period between
April 1, 1928 and April 6, 2009, in both cases depicting the details of the
prior transactions pertaining to these properties. The Buyer shall, at its own
cost and expense, obtain encumbrance certificates for (iii) portions of the
Schedule Property being Survey Numbers 26 and 31 relating to the period between
October 22, 2009 and the date prior to the execution of the Sale Deed; and (iv)
a portion of the Schedule Property being Survey Number 32 relating to the
period between April 7, 2009 and the date prior to the execution of the Sale
Deed;
	 
	 	9.1.8.	 	In the event of termination of this Agreement in accordance with Clause
10 below, the Buyer shall have no claim whatsoever on the Schedule Property
or against the Seller and the Seller shall not be liable/responsible

-5-

 

	 	 	 	for costs and expenses incurred by the Buyer in any manner in this respect;
and
	 
	 	9.1.9.	 	The Buyer is fully entitled to execute this Agreement and has been duly
authorised by its Board of Directors to enter into the transaction set out
herein.

	10.	 	Termination

	 	10.1.	 	The Buyer agrees that if it fails to execute the Sale Deed as per the terms of
this Agreement, and provided that the Seller has complied with all its obligations as
required to be complied with as of the date of execution and registration of the Sale
Deed, then:

	 	10.1.1.	 	the Seller and the Buyer shall issue a Release Certificate to the Escrow
Agent authorizing the release of the Escrow Amount to the Seller, and pursuant
thereto the Escrow Amount along with the interest shall be handed over by the
Escrow Agent to the Seller. The Buyer shall not raise any objections to such
release of the Escrow Amount along with interest thereon to the Seller as
aforesaid. The Escrow Agreement will become null and void thereafter;
	 
	 	10.1.2.	 	This Agreement would automatically and without any notice terminate and
become invalid, ineffective and incapable of enforcement in any manner
whatsoever and the Buyer shall be left with no right, title or interest in
respect of the Schedule Property stipulated herein;
	 
	 	10.1.3.	 	the Buyer shall have no claim whatsoever on the Schedule Property and shall
not raise any dispute or objection with regard to such release of the Escrow
Amount along with interest thereon to the Seller as aforesaid;
	 
	 	10.1.4.	 	Neither Party shall be liable/responsible for costs and expenses incurred by
the other Party in any manner in this respect; and
	 
	 	10.1.5.	 	The obligations of each of the Parties in this Clause 10.1 are
interdependent on each other. None of the actions set out in this Clause
10.1 shall be deemed to have occurred unless all of the obligations
specified in this Clause 10.1 are complied with and are fully effective
in accordance with the provisions hereof.

	 	10.2.	 	The Seller agrees that in the event the Seller fails to complete its
obligations as set out in Annexure I to the mutual satisfaction of the Parties on or
before the Long Stop Date, then:

	 	10.2.1.	 	the Seller and the Buyer shall issue a Release Certificate to the Escrow
Agent authorizing the release of the Escrow Amount to the Buyer, and pursuant
thereto the Escrow Amount along with the interest thereon shall be handed over
by the Escrow Agent to the Buyer. The Seller shall not raise any objections to
such release of the Escrow Amount along with

-6-

 

	 	 	 	interest thereon to the Buyer as aforesaid. The Escrow Agreement will become
null and void thereafter;
	 
	 	10.2.2.	 	this Agreement would automatically and without any notice terminate and
become invalid, ineffective and incapable of enforcement in any manner
whatsoever and the Buyer shall be left with no right, title or interest in
respect of the Schedule Property stipulated herein;
	 
	 	10.2.3.	 	the Buyer shall have no claim whatsoever on the Schedule Property;
	 
	 	10.2.4.	 	the Seller shall not raise any dispute or objection with regard to such
release of the Escrow Amount along with interest thereon to the Buyer as
aforesaid;
	 
	 	10.2.5.	 	neither Party shall be liable/responsible for costs and expenses incurred by
the other Party in any manner in this respect; and
	 
	 	10.2.6.	 	the obligations of each of the Parties in this Clause 10.2 are
interdependent on each other. None of the actions set out in this Clause
10.2 shall be deemed to have occurred unless all of the obligations
specified in this Clause 10.2 are complied with and are fully effective
in accordance with the provisions hereof.

	 	10.3.	   	In the event the Sale Deed has not been executed and registered as of the Long
Stop Date for any reason whatsoever other than as set out in Clause 10.1 or
Clause 10.2, then:

	 	10.3.1.	 	the Seller and the Buyer shall issue a Release Certificate to the Escrow
Agent authorizing the release of the Escrow Amount to the Buyer, and pursuant
thereto the Escrow Amount along with the interest shall be handed over by the
Escrow Agent to the Buyer. The Seller shall not raise any objections to such
release of the Escrow Amount along with interest thereon to the Buyer as
aforesaid. The Escrow Agreement will become null and void thereafter;
	 
	 	10.3.2.	 	this Agreement would automatically and without any notice terminate and
become invalid, ineffective and incapable of enforcement in any manner
whatsoever and the Buyer shall be left with no right, title or interest in
respect of the Schedule Property stipulated herein;
	 
	 	10.3.3.	 	the Buyer shall have no claim whatsoever on the Schedule Property;
	 
	 	10.3.4.	 	the Seller shall not raise any dispute or objection with regard to such
release of the Escrow Amount along with interest thereon to the Buyer as
aforesaid;
	 
	 	10.3.5.	 	neither Party shall be liable/responsible for costs and expenses incurred by
the other Party in any manner in this respect; and

-7-

 

	 	10.3.6.	 	the obligations of each of the Parties in this Clause 10.3 are
interdependent on each other. None of the actions set out in this Clause
10.3 shall be deemed to have occurred unless all of the obligations
specified in this Clause 10.3 are complied with and are fully effective
in accordance with the provisions hereof.

	 	10.4.	 	The Buyer agrees that if it fails to deposit the Escrow Amount into the Escrow
Account within a period of five (5) days (or such further time period as may be
mutually agreed to between the Parties) from the execution of the Escrow Agreement, the
Seller shall be entitled to terminate this Agreement. In such event, the Parties shall
jointly terminate the Escrow Agreement and pursuant to such termination, this Agreement
would become invalid, ineffective and incapable of enforcement in any manner whatsoever
and the Buyer shall be left with no right, title or interest in respect of the Schedule
Property stipulated herein.
	 
	 	10.5.	 	The Parties shall bear their respective costs, expenses etc. incurred by them
in pursuance of the transaction set out herein.

	11.	 	The Seller agrees that during the validity of this Agreement, it shall not offer the Schedule
Property for sale/purchase to any third parties or carry on any discussions or negotiations
with any third parties in relation to the sale/purchase of the Schedule Property or any
portion thereof.

	12.	 	It is expressly understood by both Parties that this Agreement shall be a binding agreement
between the Parties.

	13.	 	The disputes or differences arising between the Parties out of or relating to this Agreement,
interpretation or performance of the terms and conditions of the Agreement shall be submitted
to Arbitration for final adjudication. Arbitration proceedings shall be conducted by a sole
arbitrator who shall be jointly appointed by the Parties. In the event the Parties are unable
to agree upon a sole arbitrator, each Party shall appoint one (1) arbitrator and the two (2)
arbitrators so appointed shall jointly appoint a third, presiding arbitrator. Such arbitration
shall be in accordance with the Arbitration and Conciliation Act, 1996 (the “Arbitration Act”)
and the rules made thereunder and/or any statutory modification or reenactment thereof for the
time being in force. The decision of the arbitrator(s) shall be final and binding upon the
Parties. The venue of arbitration shall be New Delhi and the language of Arbitration shall be
English.

	14.	 	The Schedule, Annexure I, Annexure II, Annexure III and Annexure IV to this Agreement shall
form an integral part of this Agreement.
	 
	15.	 	Notices

	 	15.1.	 	All notices under this Agreement will be given in writing, postage prepaid, by
certified or registered mail, return receipt requested, by personal delivery, or by
reputable national overnight courier, at the addresses listed below. Notices will be
deemed delivered within twenty four (24) hours of dispatch if sent via facsimile and
within seventy two (72) hours of dispatch in the event of the same

-8-

 

	 	 	 	being sent via prerecorded delivery. The respective addresses for such purposes are:

	 	 	 
	If to the Seller:

	 	Bhoruka Financial Services Limited
	 

	 	11th Floor, DLF Gateway Tower,
	 

	 	DLF City Phase III,
	 

	 	Gurgaon, Haryana 122002 India
	Fax:

	 	+91 124 4057414
	email:

	 	gemawat-sanjeev@dlf.in
	Attention:

	 	Dr. Sanjeev Gemawat
	 

	 	With a copy to
	 
	 	 
	 

	 	DLF Commercial Developers Limited
	 

	 	10th Floor, DLF Gateway Tower,
	 

	 	DLF City Phase III,
	 

	 	Gurgaon, Haryana 122002 India
	Attention:

	 	Mr. Amit Grover
	 
	 	 
	If to the Buyer:

	 	NetApp India Private Limited
	 

	 	3rd Floor, Fair Winds Block,
	 

	 	EGL Software Park,
	 

	 	Off Intermediate Ring Road,
	 

	 	Bangalore 560 071, India
	Fax:

	 	+91 80 4151 0251
	Attention:

	 	Vikram Shah
	 

	 	Vice President and General Manager
	 
	 	 
	 

	 	With a copy to:
	 

	 

	 	NetApp India Private Limited
	 

	 	26/F Cambridge House, Taikoo Place
	 

	 	979 Kings Road
	 

	 	Quarry Bay
	 

	 	Hong Kong
	 
	 	 
	Attention:

	 	Mitchell Stocks
	 

	 	Director

	 	 	Either Party may change its notice address from time to time by delivering notice thereof to
the other Party in accordance with this Clause 15.
	 
	16.	 	Entirety 

	 	16.1.	 	This Agreement, including the attached Schedule and Annexures, and read along
with the Escrow Agreement, constitutes the entire agreement between the Parties
pertaining to the Schedule Property, and supersedes any other prior oral or written
communications, representations or statements with respect to the transaction
contemplated in this Agreement.

-9-

 

	 	16.2.	 	The Seller agrees that it shall take such steps as the Buyer may reasonably
require, at the Buyer’s cost, to more perfectly assure the conveyance of ownership
rights in the Schedule Property to the Buyer.

	17.	 	Amendment

	 	17.1.	 	This Agreement may not be modified, altered or amended in any manner except by
an instrument in writing executed by the Parties.

	18.	 	Severability

	 	18.1.	 	If any part of this Agreement is found by a court of competent jurisdiction or
other competent authority to be invalid, unlawful or unenforceable then such part will
be severed from the remainder of this Agreement, which will continue to be valid and
enforceable to the fullest extent permitted by law.

	19.	 	Waiver

	 	19.1.	 	No delay or failure by either Party to exercise any of its powers, rights or
remedies under this Agreement will operate as a waiver of them, nor will any single or
partial exercise of any such powers, rights or remedies preclude any other or further
exercise of them. Any waiver to be effective must be in writing.

	20.	 	Governing Law

	 	20.1.	 	This Agreement shall be governed by and construed in accordance with the laws
of the Republic of India.

	21.	 	Counterparts 

	 	21.1.	 	This Agreement may be executed in counterparts. Each such counterpart shall
be considered an original for all legal purposes. It is clarified that the stamped
counterpart of the Agreement shall be retained by the Buyer and the Seller shall retain
(i) an unstamped counterpart of the Agreement; and (ii) a certified copy of the stamped
counterpart of the Agreement.
	 
	 	 	 	Possession of the Schedule Property is not handed over on this Agreement.

Schedule

Schedule-A

All that piece and parcel of a portion of the properties bearing Survey Nos.26, 26/1 and 31 of
Hoodi Village, Krishnarajapuram Hobli, Bangalore South Taluk admeasuring 14 acres and 19 guntas,
bearing City Municipal khata No.45 and presently bearing Bruhat Bangalore Mahanagara Palike khata
No.44A situated in Mahadevapura Industrial Area, Ward No.1, converted from agricultural to
non-agricultural industrial purposes by way of (i) conversion order bearing number OM/M/ALN/SR/6021
dated November 9, 1971, issued by the Deputy Commissioner, Bangalore District as regards Survey
Number 26/1; and (ii) conversion order bearing number

-10-

 

B.Dis.ALN.SR.5770 dated May 31, 1971, issued by the Deputy Commissioner, Bangalore District as
regards Survey Number 31 and bounded as follows:

	 	 	 	 	 
	East by

	 	:
	 	Land in Survey Nos.34, 35 and 36;
	West by

	 	:
	 	Remaining portions in Survey Nos.26 and 31;
	North by

	 	:
	 	Land in Survey Nos.30 and 34;
	South by

	 	:
	 	Road.

Schedule-B

All that piece and parcel of the property bearing Survey No.32 of Hoodi Village, Krishnarajapuram
Hobli, Bangalore South Taluk admeasuring 21 guntas bearing City Municipal Council khata No.45 and
presently bearing Bruhat Bangalore Mahanagara Palike khata No.44A situated in Mahadevapura
Industrial Area, Ward No.1, converted from agricultural to industrial usage by way of conversion
order bearing number BDS/ALN/SR/Eas 66/2004-05 dated June 25, 2004, issued by the Deputy
Commissioner, Bangalore District as regards Survey Number 32 and bounded as follows:

	 	 	 	 	 
	East by

	 	:
	 	Land in Survey Nos.34;
	West by

	 	:
	 	Land in Survey No. 31 belonging to M/s Bhoruka Financial Services Ltd. and Survey No.30;
	North by

	 	:
	 	Land bearing Survey Nos.30 and 34;
	South by

	 	:
	 	Land bearing Survey No.31 belonging to M/s Bhoruka Financial Services Ltd.

The usage of the composite property bearing Survey Numbers 26(p), 31(p) and 32 was changed from
industrial purposes to commercial (software park) purposes by way of the Commencement Certificate
dated April 7, 2006 issued by the Commissioner, Bangalore Development Authority.

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE SET THEIR HANDS AND SEAL TO THESE PRESENTS ON THIS THE
EIGHTEENTH DAY OF NOVEMBER, 2009 IN THE PRESENCE OF THE FOLLOWING WITNESSES:

	 	 	 
	Bhoruka Financial Services Limited

	 	Witness:
	 
	 	 
	Signature:

	 	Signature:
	 
	 	 
	Name: Amit Grover

	 	Name:
	 
	 	 
	Title: Authorised Signatory

	 	Date:
	 
	 	 
	Date: November 18, 2009

	 	Address:

-11-

 

	 	 	 
	NetApp India Private Limited

	 	Witness:
	 
	 	 
	Signature:

	 	Signature:
	 
	 	 
	Name: Vikram Shah

	 	Name:
	 
	 	 
	Title: Director

	 	Date:
	 
	 	 
	Date: November 18, 2009

	 	Address:

-12-

 

Annexure I

	1.	 	An endorsement from the Karnataka Industrial Areas Development Board to the effect that
no part of the Schedule Property has been notified for acquisition;

	2.	 	Clearing of (i) all objections received to the public notice issued, to the mutual
satisfaction of the Parties and clearing of any title issues uncovered as a result of the
public notice issued; and (ii) any encumbrances depicted in encumbrance certificate
obtained by the Buyer as regards portions of the Schedule Property being Survey Numbers 26
and 31 relating to the period between October 22, 2009 and the date prior to the execution
of the Sale Deed and a portion of the Schedule Property being Survey Number 32 relating to
the period between April 7, 2009 and the date prior to the execution of the Sale Deed; and

	3.	 	Execution of a power of attorney by the Seller in favour of an authorised
representative of the Buyer, in accordance with the format annexed herewith as Annexure IV
and to be handed over to the Buyer at the time of execution of the Sale Deed.

-13-

 

Annexure II

Format of Release Certificate

To,

[Standard Chartered Bank]

[insert address]

Attn: [officer]

Re: Escrow Agreement dated [date]

We the undersigned write to you pursuant to the Escrow Agreement executed between Standard
Chartered Bank (the “Escrow Agent”), NetApp India Private Limited (the “Buyer”) and
Bhoruka Financial Services Limited (the “Seller”) on [date] (the “Escrow
Agreement”). Pursuant to Clause 3.1 of the Escrow Agreement, we hereby jointly notify the
Escrow Agent to release the Escrow Amount to the [Buyer][Seller], forthwith and without demur. We
hereby instruct you to do the following:

	 	(i)	 	Hand over the demand draft for Escrow Amount along with the interest accrued thereon
to the [Buyer][Seller]; and
	 
	 	(ii)	 	Close the “Escrow A/C-Bhoruka/NetApp” bearing account number 45605101966.

We hereby acknowledge that on acting as per our aforesaid instructions, you shall be discharged of
all your obligations and liabilities under the Escrow Agreement.

We hereby confirm that we shall provide you with our acknowledgement upon the receipt of the demand
draft.

Words and expressions used but not defined herein shall have their respective meanings set forth in
the Escrow Agreement.

Kindly acknowledge the receipt of this letter.

For NetApp India Private Limited

Authorised Signatory

For Bhoruka Financial Services Limited

Authorised Signatory

-14-

 

Annexure III

Perpetual Easementary Rights Agreement

- as enclosed -

[not filed herewith]

-15-

 

Annexure IV

Template Power of Attorney

KNOW ALL BY THESE PRESENTS THAT Bhoruka Financial Services Limited, a company incorporated under
the Companies Act, 1956 and having its registered office at 35/9, Langford Road Cross, Langford
Town, Bangalore 560 025 (the “Grantor”), represented herein by its [designation], [name] does
hereby state as follows:

WHEREAS:

	 	1.	 	The Grantor is the lawful and absolute owner of the property bearing Survey
Nos.26, 31 and 32, Hoodi Village, Krishnarajapuram Hobli, Bangalore South Taluk,
admeasuring fifteen (15) acres (more particularly described in the Schedule herein and
hereinafter referred to as the “Schedule Property”). The Grantor has agreed to convey
the Schedule Property in favour of NetApp India Private Limited (the “Purchaser”), a
company incorporated under the Companies Act, 1956 and having its registered office at
3rd Floor, Fair Winds Block, Embassy Golflinks Business Park, Off
Indiranagar-Koramangala Intermediate Ring Road, Bangalore 560 071 by way of an
Agreement to Sell dated November 18, 2009; and
	 
	 	2.	 	At the request of the Purchaser, the Grantor wishes to appoint an attorney to
represent it before the appropriate authorities, make requisite applications on its
behalf, sign and execute such applications and to perform all acts and deeds necessary
for the purposes as mentioned in this Power of Attorney.

NOW KNOW ALL MEN BY THESE PRESENTS THAT the Grantor, represented herein by its [designation],
[name], does hereby and hereunder nominate, appoint and constitute on the day hereinabove stated
[insert name of the attorney], son of [insert father’s name], residing at [insert address], as
its true and lawful attorney (the “Attorney”), to act in its name and its behalf, to do and
execute all or any of the following acts, deeds and things only and only for the purpose as
mentioned in this Power of Attorney:

	 	A.	 	To represent, follow up, make payment of requisite fees, obtain updates from
the appropriate authorities; make, sign and execute requisite applications, appear
before the appropriate authorities, execute documents required by such appropriate
authorities and perform all acts and deeds necessary to obtain requisite endorsements
from the appropriate authority, to denote that the property converted from agricultural
to non-agricultural, industrial purposes, in terms of the Official Memorandum dated
31/05/1971 bearing No.B.Dis.ALN.SR.5770 issued by the Deputy Commissioner, Bangalore
District was the property which currently forms a part of the property bearing Bruhat
Bangalore Mahanagara Palike Khata No.44A, located at Mahadevapura Industrial Area, Ward
No.1, Krishnarajapuram Hobli, Bangalore South Taluk (the “Said Property”);
	 
	 	B.	 	To update the relevant RTC extracts to depict the conversion of the Said
Property from agricultural purposes to non-agricultural, industrial purposes;

-16-

 

	 	C.	 	To do, execute and perform any other acts, deeds, matters or things whatsoever
which in the opinion of the Attorney ought to be done, executed and performed in
relation to obtaining requisite endorsements to denote that the property converted from
agricultural to non-agricultural, industrial purposes, in terms of the Official
Memorandum dated 31/05/1971 bearing No.B.Dis.ALN.SR.5770 issued by the Deputy
Commissioner, Bangalore District was the Said Property; which was acquired by the
Grantor under a sale deed dated 13/11/1970 registered as Document No.3957/70-71 at the
office of the Sub Registrar, Bangalore South Taluk and in relation to updating the
relevant RTC extracts to depict the conversion of the Said Property from agricultural
purposes to non-agricultural, industrial purposes; and
	 
	 	D.	 	The Grantor hereby agrees and undertakes to ratify and confirm all and
whatsoever the Attorney, under the power in that behalf hereinbefore contained, shall
lawfully do, execute or perform in exercise of the power, authorities and liberties
hereby conferred upon, under and by virtue of this Power of Attorney.

SCHEDULE

Schedule-A

All that piece and parcel of a portion of the properties bearing Survey Nos.26, 26/1 and 31 of
Hoodi Village, Krishnarajapuram Hobli, Bangalore South Taluk admeasuring 14 acres and 19 guntas,
bearing City Municipal Council khata No.45 and presently bearing Bruhat Bangalore Mahanagara Palike
khata No.44A situated in Mahadevapura Industrial Area, Ward No.1, Krishnarajapuram Hobli, Bangalore
South Taluk and bounded as follows:

	 	 	 	 	 
	East by

	 	:
	 	Land in Survey Nos.34, 35 and 36;
	West by

	 	:
	 	Remaining portions in Survey Nos.26 and 31;
	North by

	 	:
	 	Land in Survey Nos.30 and 34;
	South by

	 	:
	 	Road.

Schedule-B

All that piece and parcel of the property bearing Survey No. 32 of Hoodi Village, Krishnarajapuram
Hobli, Bangalore South Taluk admeasuring 21 guntas bearing City Municipal Council khata No.45 and
presently bearing Bruhat Bangalore Mahanagara Palike khata No.44A situated in Mahadevapura
Industrial Area, Ward No.1, Krishnarajapuram Hobli, Bangalore South Taluk and bounded as follows:

	 	 	 	 	 
	East by

	 	:
	 	Land in Survey No.34;
	West by

	 	:
	 	Land in Survey No.31 belonging to M/s Bhoruka Financial Services Ltd. and Survey No.30;
	North by

	 	:
	 	Land bearing Survey Nos.30 and 34;
	South by

	 	:
	 	Land bearing Survey No.31 belonging to M/s Bhoruka Financial Services Ltd.

-17-

 

IN WITNESS WHEREOF, Bhoruka Financial Services Limited represented by its [designation], [name],
has affixed its signature to this POWER OF ATTORNEY on this [insert date] of [insert month], 2009,
at Bangalore in the presence of the following witnesses.

Identified by:

[name]

[designation]

For and on behalf of Bhoruka Financial Services Limited

EXECUTANT

I ACCEPT THE POWERS CONFERRED ON ME BY THIS DOCUMENT

(signature of the Power of Attorney Holder)

   POWER OF ATTORNEY HOLDER

WITNESSES:

	 	 	 	 	 
	1.

	 	 	2.	 

-18-ex10-1.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.1

EXECUTION VERSION

 

 

 

                                                                                                

MEMC ELECTRONIC MATERIALS, INC.,

as the Borrower

THE LENDING INSTITUTIONS NAMED HEREIN,

as Lenders

and

PNC BANK, NATIONAL ASSOCIATION

as a Lender, the Swing Line Lender, the Issuing Bank,

and the Administrative Agent 

_____________________________________

AMENDMENT NO. 4

dated as of

November 20, 2009, 

to

REVOLVING CREDIT AGREEMENT

dated as of

July 21, 2005

_____________________________________

                                                                                                

AMENDMENT NO. 4

THIS AMENDMENT NO. 4 (this “Amendment”) is entered into as of November 20, 2009, among the following:

(i)         MEMC ELECTRONIC MATERIALS, INC., a Delaware corporation (herein, together with its successors and assigns, the “Borrower”);

(ii)        the various Lenders (defined below) signatory hereto; and

(iii)       PNC BANK, NATIONAL ASSOCIATION, successor to National City Bank, as a Lender, the Swing Line Lender, the Issuing Bank, and as the administrative agent (the “Administrative Agent”).

PRELIMINARY STATEMENTS:

A.        The Borrower, the Lenders and the Administrative Agent entered into the Revolving Credit Agreement, dated as of July 21, 2005, as amended by Amendment No. 1, dated as of December 20, 2006, Amendment No. 2, dated as of March 8, 2007 and Amendment No. 3, dated as of April 20, 2007 (the “Credit Agreement”).

B.         The Borrower has informed the Administrative Agent and the Lenders that it intends to consummate the Sun Edison Acquisition (as hereinafter defined).

C.         In connection with the Sun Edison Acquisition, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement to modify certain provisions thereof and to otherwise consent to the Sun Edison Acquisition.

D.        The Administrative Agent and the Required Lenders have agreed to amend the Credit Agreement and to consent to the Sun Edison Acquisition in response to the Borrower’s request.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower, the Administrative Agent and the Required Lenders agree as follows:

SECTION 1.  DEFINITIONS.  All capitalized terms used in this Amendment but not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement.

SECTION 2.    OMNIBUS AMENDMENTS.  Effective on and as of the Amendment No. 4 Effective Date:

2.1              All references in the Credit Agreement and the exhibits thereto, the Notes and the Subsidiary Guaranty to “National City Bank, a national banking association,” “National City Bank,” “National City Bank of the Midwest” or “National City Bank of the Midwest, a national banking association” are deemed to be references to “PNC Bank, National Association.”

2.2              All references in the Credit Agreement to the defined terms “Additional Security Document,” “Collateral,” and “Security Documents” shall be deemed to be deleted.

SECTION 3.    AMENDMENTS.  The following amendments shall be effective on and as of the Amendment No. 4 Effective Date:

3.1              AMENDMENTS TO SECTION 1.1 OF THE CREDIT AGREEMENT.  

(a)                The definition of “Indebtedness” in Section 1.1 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof to read as follows: 

     “Notwithstanding the foregoing, the Earnout Consideration shall not be considered Indebtedness.”

(b)               The definition of “Notice Office” in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows:

            ““Notice Office” shall mean the office of the Administrative Agent at PNC Bank, National Association, 500 First Avenue, Pittsburgh, PA 15219, Attention: Rebecca Becker (facsimile: (412) 762-8672), or such other office, located in a city in the United States Eastern Time Zone, as the Administrative Agent may designate to the Borrower from time to time.”

(c)                The definition of “Payment Office” in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows:

            ““Payment Office” shall mean the office of the Administrative Agent at PNC Bank, National Association, 500 First Avenue, Pittsburgh, PA 15219, Attention: Rebecca Becker (facsimile: (412) 762-8672), or such other office, located in a city in the United States Eastern Time Zone, as the Administrative Agent may designate to the Borrower from time to time.”

(d)               Clause (iii) of the definition of “Permitted Acquisition” in Section 1.1 of the Credit Agreement is hereby amended and restated as follows:

            “(iii)     if as a result of an Acquisition, a Person becomes a Subsidiary of the Borrower, such Subsidiary shall be a Wholly-Owned Subsidiary and, if required by the Required Lenders, such Subsidiary, if a Domestic Subsidiary, shall join in the Subsidiary Guaranty;”

(e)                The definition of “Restricted Payment” in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows:

             ““Restricted Payment” shall mean (i) any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock of the Borrower or any Subsidiary (including, without limitation, any distributions by any joint ventures to any holders of its capital stock), or (ii) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any option, warrant or other right to acquire any such shares of capital stock of the Borrower or any subordinated Indebtedness; in each case other than such dividends, distributions or payments as the Borrower or any of its Subsidiaries may make to any Affiliate other than the TPG Investor Group; provided, however, that the Earnout Consideration shall be excluded from the definition of Restricted Payment.”

2

3.2              NEW DEFINITIONS.  Section 1.1 of the Credit Agreement is hereby amended to add the following new definitions thereto in the appropriate alphabetical order:

            ““Amendment No .4 Effective Date” shall mean November 20, 2009.”

            ““Earnout Consideration” shall have the meaning provided in the Sun Edison Merger Agreement.”

            ““Sierra Acquisition Sub” shall mean Sierra Acquisition Sub, LLC, a Delaware limited liability company.”

            ““Sun Edison” shall mean Sun Edison LLC, a Delaware limited liability company.”

            ““Sun Edison Acquisition” shall mean the acquisition of Sun Edison by the Borrower pursuant to the Sun Edison Merger Agreement.”

             ““Sun Edison Credit Facilities” shall mean, collectively, (i) the Second Amended and Restated Revolving Credit and Letter of Credit Agreement, dated as of September 24, 2008, by and among NVT, LLC, HSH Nordbank AG, New York Branch, as amended, (ii) the Revolving Credit Agreement, dated as of October 24, 2008, by and among Sun Edison NLB, LLC, Wilmington Trust, FSB and Norddeutsche Landesbank Girozentrale, New York Branch, as amended, and (iii) the Loan Agreement, dated as of July 31, 2007, by and between NVT, LLC and Wachovia Bank, NA.”

            ““Sun Edison Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of October 22, 2009, by and among the Borrower, Sierra Acquisition Sub, Sun Edison, Carlos Domenech, Peter J. Lee and Thomas Melone, as amended by the Amendment, dated as of November 11, 2009.”

3.3              AMENDMENT OF SECTION 9.2.  Section 9.2 is hereby amended by adding a new clause (i) to read as follows: 

        “(i)           Sun Edison Acquisition.  The Borrower and Sierra Acquisition Sub shall be permitted to consummate the Sun Edison Acquisition in accordance with the terms of the Sun Edison Merger Agreement.”  

3.4              AMENDMENT OF SECTION 9.3.  Section 9.3 of the Credit Agreement shall be amended by deleting the word “and” at the end of clause (e) thereof, deleting the period at the end of clause (f) thereof and replacing it with a semicolon and the word “and” and adding  a new clause (g) to read as follows:

        “(g)          Sun Edison Credit Facilities; Acquired Capitalized Lease Obligations; Other Capitalized Lease Obligations:  any Lien on any property or asset of Sun Edison and its Subsidiaries, provided that (A) such Lien secures Indebtedness permitted by section 9.4(k), section 9.4(l) or section 9.4(m) (B) such Lien was not created in contemplation of or in connection with the Sun Edison Acquisition or Sun Edison or any of its Subsidiaries becoming a Subsidiary of the Borrower, (C) such Lien shall not attach or apply to any other property or assets of Sun Edison or any of its Subsidiaries, and (D) such Lien shall secure only those obligations which it secures on the Amendment No. 4 Effective Date.”

3

3.5              AMENDMENT OF SECTION 9.4.  Section 9.4 of the Credit Agreement shall be amended by deleting the word “and” at the end of clause (i) thereof, deleting the period at the end of clause (j) thereof and replacing it with a semicolon and adding new clauses (k), (l) and (m) to read as follows:

        “(k)          Sun Edison Credit Facilities Debt:  Indebtedness of Sun Edison and its Subsidiaries incurred at any time and from time to time under the Sun Edison Credit Facilities as in effect on the Amendment No. 4 Effective Date, which facilities were not entered into in contemplation of the Sun Edison Acquisition;

        (l)             Acquired Capitalized Lease Obligations; other Capitalized Lease Obligations:  Capitalized Lease Obligations of Sun Edison or any Subsidiary of Sun Edison that is a non-recourse limited liability entity, in each case which Capital Lease Obligations were existing on the Amendment No. 4 Effective Date and were not created in contemplation of the Sun Edison Acquisition; and

        (m)           Other Capitalized Lease Obligations:  Capitalized Lease Obligations incurred by Sun Edison or any Subsidiary of Sun Edison subsequent to the Amendment No. 4 Effective Date in an amount not to exceed $100,000,000.”

3.6              AMENDMENT AND RESTATEMENT OF SECTION 9.5(j).  Section 9.5(j) of the Credit Agreement is hereby amended and restated to read as follows:

        “(j)           the Sun Edison Acquisition and any Acquisitions permitted by section 9.2; and loans, advances and investments of any Person which are outstanding at the time such Person becomes a Subsidiary of the Borrower as a result of the Sun Edison Acquisition or any Acquisition permitted by section 9.2, but not any increase in the amount thereof;”

3.7              AMENDMENT OF SECTION 9.9.  Section 9.9 of the Credit Agreement is hereby amended by deleting the word “and” at the end of clause (ix) thereof, deleting the period at the end of clause (x) thereof and replacing it with a semicolon and the word “and” and adding new clause (xi) to read as follows:

            “(xi)  the Sun Edison Credit Facilities.”

3.8              AMENDMENT OF SECTION 12.3.  Section 12.3 of the Credit Agreement is hereby amended by restating clause (iii) and (iv) thereof to read as follows:

     “(iii)     if to the Administrative Agent, to PNC Bank, National Association, 500 First Avenue, Pittsburgh, PA 15219, Attention: Rebecca Becker (Telecopier No. 412-762-8672; Telephone No. 412-768-3944);

with a copy to PNC Bank, National Association, 629 Euclid Avenue, Loc 01-3034, Cleveland, Ohio  44114, Attention:  David Burns (Telecopier No. 216-222-7079; Telephone No. 216-222-3061);

and

Jones Day, 717 Texas Avenue, Suite 3300 Houston, TX  77002, Attention:  Cassandra G. Mott (Telecopier No. 832-239-3600; Telephone No. 832-239-3782);

4

(iv)           if to the Issuing Bank, to it at PNC Bank, National Association, 500 First Avenue, Pittsburgh, PA 15219, Attention: Rebecca Becker (Telecopier No. 412-762-8672; Telephone No. 412-768-3944);

with a copy to PNC Bank, National Association, 629 Euclid Avenue, Loc 01-3034, Cleveland, Ohio  44114, Attention:  David Burns (Telecopier No. 216-222-7079; Telephone No. 216-222-3061);

and

Jones Day, 717 Texas Avenue, Suite 3300 Houston, TX  77002, Attention:  Cassandra G. Mott (Telecopier No. 832-239-3600; Telephone No. 832-239-3782); and”

SECTION 4.  CONSENT.  Notwithstanding clauses (iv) and (v) of the definition of “Permitted Acquisition” contained in the Credit Agreement and Section 8.14 of the Credit Agreement, effective as of the Amendment No. 4 Effective Date, the Required Lenders, solely in connection with the Sun Edison Acquisition, hereby  (a) waive the delivery of the item specified in clause (v)(A) of such definition within the time period set forth therein, (b) waive the delivery of the item specified in clause (v)(B) of such definition, (c) waive the delivery of the items specified in Section 8.14 within the time period set forth therein, (d) consent to the Sun Edison Acquisition, and (e) waive the right to require Sun Edison or any of its Subsidiaries to become Subsidiary Guarantors pursuant to the definition of Permitted Acquisition or Section 8.11.  From and after the Amendment No. 4 Effective Date, the Sun Edison Acquisition shall be deemed a “Permitted Acquisition” for all purposes of the Credit Agreement. 

SECTION 5.  REPRESENTATIONS AND WARRANTIES.  The Borrower represents and warrants as follows:

5.1              AUTHORITY.  This Amendment has been duly authorized by all necessary corporate action on the part of the Borrower, has been duly executed and delivered by a duly authorized officer of the Borrower and constitutes the valid and binding agreement of the Borrower enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

5.2              REPRESENTATIONS AND WARRANTIES.  After giving effect to this Amendment, the representations and warranties of the Borrower contained in the Credit Agreement or in the other Credit Documents are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the extent that such representations and warranties expressly relate to a specified date, in which case such representations and warranties are hereby reaffirmed as true and correct when made.

5.3              NO CLAIMS.  No Credit Party has any claim or offset against, or defense or counterclaim to, the Borrower’s obligations or liabilities under the Credit Agreement or other Credit Documents.

5.4              NO EVENT OF DEFAULT.  No Default or Event of Default exists.

SECTION 6.  CONDITIONS PRECEDENT.

This Amendment shall become effective on the Amendment No. 4 Effective Date so long as the following conditions shall have been satisfied:

5

6.1              EXECUTION AND DELIVERY.  This Amendment shall have been executed by the Borrower, the Administrative Agent and the Required Lenders and counterparts hereof as so executed shall have been delivered to the Administrative Agent.  The Guarantor Acknowledgement attached hereto shall have been executed by the Subsidiary Guarantors and counterparts hereof as so executed shall have been delivered to the Administrative Agent; 

6.2              MERGER CERTIFICATE.  The Sun Edison Acquisition shall have been consummated substantially in accordance with the terms and conditions of the Sun Edison Merger Agreement as in effect on the date hereof;  

6.3               MERGER CERTIFICATE.  The Administrative Agent shall have received a certificate from an Authorized Officer attaching a true, correct and complete file-stamped copy of the certificate of merger filed with the Delaware Secretary of State with respect to the merger contemplated by the Sun Edison Merger Agreement;

6.4              FEES AND EXPENSES.  The Borrower shall have paid all reasonable out-of-pocket fees and expenses of the Administrative Agent and of special counsel to the Administrative Agent that have been invoiced on or prior to such date in connection with the preparation, negotiation, execution and delivery of this Amendment; and

6.5              PROCEEDINGS AND DOCUMENTS.  All corporate and other proceedings and all documents incidental to the transactions contemplated hereby shall be satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received all such counterpart originals or certified or other copies of such documents as the Administrative Agent may reasonably request.

SECTION 7.  MISCELLANEOUS.

7.1              RATIFICATIONS; FULL FORCE AND EFFECT.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement, and except as specifically modified or amended by the terms of this Amendment, the Credit Agreement and the other Credit Documents and all provisions contained therein are, and will continue to be, in full force and effect and are hereby ratified and confirmed.

7.2              SUCCESSORS AND ASSIGNS.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the Lenders and the Administrative Agent and their respective permitted successors and assigns.

7.3              SURVIVAL OF REPRESENTATIONS AND WARRANTIES.  All representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment, and no investigation by the Administrative Agent or any Lender shall affect the representations and warranties or the right of the Administrative Agent or any Lender to rely upon them.

7.4              REFERENCE TO CREDIT AGREEMENT.  The Credit Agreement and any and all other agreements, instruments or documents now or hereafter executed and delivered pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any reference therein to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

7.5              EXPENSES.  The Borrower agrees to pay on demand all costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment, including without limitation, the reasonable costs and fees of the Administrative Agent’s 
special legal counsel, regardless of whether this Amendment becomes effective in accordance with the terms hereof.

6

7.6              SEVERABILITY.  Any term or provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment, and the effect thereof shall be confined to the term or provision so held to be invalid or unenforceable.

7.7              APPLICABLE LAW.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

7.8              HEADINGS.  The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

7.9              ENTIRE AGREEMENT.  This Amendment is specifically limited to the matters expressly set forth herein. This Amendment and all other instruments, agreements and documents executed and delivered in connection with this Amendment embody the final, entire agreement among the parties hereto with respect to the subject matter hereof and supersede any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to the matters covered by this Amendment, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto relating to the subject matter hereof or any other subject matter relating to the Credit Agreement.

7.10          COUNTERPARTS.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall be deemed to be one and the same instrument.

[Signature pages follow.]

7

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

	
 

	
MEMC ELECTRONIC MATERIALS, INC.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Tim Oliver

	
 

	
 

	
Name:  Tim Oliver

	
 

	
 

	
Title:     Senior Vice President And

               Chief Financial Officer

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PNC BANK, NATIONAL ASSOCIATION,

      Individually as a Lender and in its

               Capacity as the Administrative Agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Thomas S. Sherman

	
 

	
 

	
Name:  Thomas S. Sherman

	
 

	
 

	
Title:    SVP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE

TO AMENDMENT NO. 4

FOR MEMC ELECTRONIC MATERIALS, INC.

 

 

 

 

	
 

	
BANK OF AMERICA, N.A., as a Lender

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ William S. Rowe

	
 

	
 

	
Name:  William S. Rowe

	
 

	
 

	
Title:    Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE

TO AMENDMENT NO. 4

FOR MEMC ELECTRONIC MATERIALS, INC.

 

 

 

	
 

	
FIFTH THIRD BANK (SOUTHERN INDIANA), as a Lender

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Robert M. Sander

	
 

	
 

	
Name:  Robert M. Sander

	
 

	
 

	
Title:    Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE

TO AMENDMENT NO. 4

FOR MEMC ELECTRONIC MATERIALS, INC.

 

 

 

 

GUARANTOR ACKNOWLEDGMENT

The undersigned each consents and agrees to and acknowledges the terms of the foregoing Amendment No. 4 to Credit Agreement, dated as of November 20, 2009 (the “Amendment”).  The undersigned each further agrees that its respective obligations pursuant to the Subsidiary Guaranty shall remain in full force and effect and be unaffected hereby.

The undersigned each hereby represents and warrants that there exists no claim or offset against, or defense or counterclaim to, any of its obligations or liabilities under the Credit Agreement or the Subsidiary Guaranty, as applicable, or any other Credit Document to which it is a party.

[Signatures follow.]

 

 

IN WITNESS WHEREOF, this Guarantor Acknowledgment has been duly executed and delivered as of the date of the Amendment.

 

	
 

	
MEMC HOLDINGS CORPORATION

MEMC INTERNATIONAL, INC.

MEMC PASADENA, INC.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Bradley D. Kohn

	
 

	
Name:

	
Bradley D. Kohn

	
 

	
Title:

	
Secretary and Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]