Document:

EX-10.5

Exhibit 10.5

EXECUTION VERSION

TSI HOLDINGS II, LLC
TOWN SPORTS INTERNATIONAL, LLC
FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is dated as of January 30, 2015 and entered into by and among TSI HOLDINGS II, LLC, a Delaware limited liability company (“Holdings”), TOWN SPORTS INTERNATIONAL, LLC, a New York limited liability company (the “Borrower”), the Subsidiary Guarantors listed on the signature pages hereto (each, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”), the financial institutions listed on the signature pages hereof and executing this First Amendment (the “Lenders”) and DEUTSCHE BANK AG NEW YORK BRANCH, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and is made with reference to that certain Credit Agreement, dated as of November 15, 2013 (the “Credit Agreement”), by and among Holdings, the Borrower, the Lenders (as defined in the Credit Agreement) and the Administrative Agent.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.
RECITALS
WHEREAS, Holdings, the Borrower and each Lender party hereto desire to amend the Credit Agreement to permit Parent to purchase Term Loans in accordance with the terms thereof;
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
		
	Section 1.
	AMENDMENTS TO THE CREDIT AGREEMENT

		
	1.1
	                              Amendments to Section 1:  Definitions and Accounting Terms

A.Section 1.01 of the Credit Agreement is hereby amended by adding thereto the following new definitions, which definitions shall be inserted in proper alphabetical order:
“First Amendment” shall mean the First Amendment to Credit Agreement, dated as of the First Amendment Effective Date, among Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.
“First Amendment Effective Date” shall have the meaning provided in the First Amendment, which date is January 30, 2015.
B.Section 1.01 of the Credit Agreement is hereby further amended by amending and restating the definition of “Eligible Transferee” appearing therein in its entirety as follows:
“Eligible Transferee” shall mean and include a commercial bank, an insurance company, a finance company, a financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act), but excluding individuals, Parent, Holdings and their respective Subsidiaries and Affiliates (except to the limited extent permitted by Section 2.17 or clause (ii) of the proviso below); provided, however, notwithstanding the foregoing, (i) one or more Affiliates of Parent (including, for the avoidance of doubt, all directors and officers of Parent, Holdings or any of their respective Subsidiaries) that are neither Parent, Holdings nor any of their respective Subsidiaries, but may include individuals, may be an Eligible Transferee for up to $3,000,000 in the aggregate of outstanding Term Loans at any time for all such Affiliates so long as any such Affiliate shall have waived its right to (x) receive (and by becoming a Lender hereunder hereby waives its right to receive) information (other than administrative information such as notifications under Section 2) not prepared by (or on behalf of) Parent, Holdings or any of their respective Subsidiaries from the Administrative Agent or any Lender (or any advisor, agent or counsel thereof) under or in connection with the Credit Documents and (y) attend (and by becoming a Lender hereunder hereby waives its right to attend) any meeting or conference call (or any portion thereof) with the 

Administrative Agent or any Lender but in which neither Parent, Holdings nor any of their respective Subsidiaries participates and (ii) Parent may be an Eligible Transferee with respect to Term Loans and, for the avoidance of doubt, may purchase such Term Loans in the open market or otherwise, so long as all such Term Loans are either (A) automatically cancelled and retired directly by Parent on the settlement date of the relevant purchase (and such Term Loans may not be resold) or (B) (I) immediately contributed by Parent to Holdings, (II) immediately thereafter contributed by Holdings to the Borrower and (III) automatically cancelled and retired by the Borrower, in each case, on the settlement date of the relevant purchase (and such Term Loans may not be resold); provided, further, that (1) no Lender shall have an obligation to participate in any such assignments and (2) with respect to any such purchase contemplated by this clause (ii), the Administrative Agent hereby waives the fee set forth in clause (v) of the second proviso in Section 13.04(b) (it being understood and agreed by the Administrative Agent and the Lenders that (A) the par principal amount of Term Loans of the respective Tranche so purchased by Parent and cancelled pursuant to this definition shall be applied to reduce the remaining Scheduled Term Loan Repayments of such Tranche of Term Loans of the applicable selling Lenders on a pro rata basis, (B) Parent may contribute such purchased Term Loans to Holdings (and by Holdings to the Borrower) in order to cancel such Term Loans as contemplated above in this definition and (C) the Administrative Agent and the Lenders (including any Lender selling its Term Loans to Parent) hereby consent to the transactions contemplated by clause (ii) of this proviso).
		
	Section 2.
	CONDITIONS TO EFFECTIVENESS

Section 1 of this First Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 
A.Amendment.  Holdings, the Borrower, the Subsidiary Guarantors and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile (or other electronic) transmission) their signed counterparts to the Administrative Agent.
B.Fees and Expenses.  The Borrower shall have paid all costs, fees, expenses and other amounts due and payable pursuant to the Credit Documents and any other fee due and payable to the Administrative Agent or any affiliate thereof as may have been separately agreed to by the Borrower and the Administrative Agent or such affiliate in connection with this First Amendment, including the reasonable fees and expenses of White & Case LLP.
		
	Section 3.
	CREDIT PARTY REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders to enter into this First Amendment and to amend the Credit Agreement in the manner provided herein, each Credit Party represents and warrants to each Lender that the following statements are true and correct:  
A.Power and Authority.  Each Credit Party has the corporate, partnership or limited liability company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of this First Amendment and has taken all necessary corporate, partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this First Amendment.  Each Credit Party has duly executed and delivered this First Amendment, and this First Amendment constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the enforceability hereof 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).
B.Approvals.  No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, (i) the execution, delivery and performance of this First Amendment or (ii) the legality, validity, binding effect or enforceability of this First Amendment (except for those that have otherwise been obtained or made).
C.No Violation.  Neither the execution, delivery or performance by any Credit Party of this First Amendment, nor compliance by it with the terms and provisions hereof, (i) will contravene in any material respect any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or 

loan agreement, or any other material agreement, contract or instrument, in each case to which any Credit Party or any of its Subsidiaries is a party or by which it or any its property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement, partnership agreement or by-laws (or equivalent organizational documents), as applicable, of any Credit Party or any of its Subsidiaries.
D.Incorporation of Representations and Warranties From Credit Agreement.  The representations and warranties contained in Section 8 of the Credit Agreement are and will be true and correct in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided, that, if a representation and warranty is qualified as to materiality, with respect to such representation and warranty the materiality qualifier set forth above shall be disregarded for purposes of this condition. 
E.Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this First Amendment that would constitute a Default or an Event of Default.
		
	Section 4.
	ACKNOWLEDGMENT AND CONSENT

Each of Holdings, the Borrower and each Subsidiary Guarantor has read this First Amendment and consents to the terms hereof and hereby acknowledges and agrees that any Guaranty and any Security Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and shall not be impaired or limited by the execution or effectiveness of this First Amendment.
Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this First Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to consent to the amendments to the Credit Agreement effected pursuant to this First Amendment and (ii) nothing in the Credit Agreement, this First Amendment or any other Credit Document shall be deemed to require the consent of any Subsidiary Guarantor to any future amendments to the Credit Agreement as amended hereby.
		
	Section 5.
	MISCELLANEOUS

A.Reference to and Effect on the Credit Agreement and the Other Credit Documents.  
(i)On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.
(ii)The parties hereto agree that this First Amendment is a Credit Document.
(iii)Except as specifically amended by this First Amendment, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iv)The execution, delivery and performance of this First Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or any of the other Credit Documents.
B.Headings.  Section and subsection headings in this First Amendment are included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose or be given any substantive effect. 
C.Applicable Law.  THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

D.Counterparts.  This First Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of an executed counterpart hereof by facsimile or other electronic transmission shall be as effective as delivery of any original executed counterpart hereof. 

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
	
		
	TSI HOLDINGS II, LLC

	 
	 

	By:
	/s/ David Kastin

	 
	 

	Name:
	David Kastin

	 
	 

	Title:
	Senior Vice President

	 
	 

	 
	 

	TOWN SPORTS INTERNATIONAL, LLC

	 
	 

	By:
	/s/ David Kastin

	 
	 

	Name:
	David Kastin

	 
	 

	Title:
	Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	BFX 30 BROAD STREET, LLC

	 

	BFX 1231 THIRD AVENUE, LLC

	 

	BFX BACK BAY, LLC

	 

	BFX WEST 15th STREET, LLC

	 

	BOUTIQUE FITNESS, LLC

	 

	TSI 217 BROADWAY, LLC

	 

	TSI ALEXANDRIA, LLC

	 

	TSI ALEXANDRIA WEST, LLC

	 

	TSI ALLSTON, LLC

	 

	TSI ANDOVER, LLC

	 

	TSI ARDMORE, LLC

	 

	TSI ARTHRO-FITNESS SERVICES, LLC

	 

	TSI ASTORIA, LLC

	 

	TSI AVENUE A, LLC

	 

	TSI BACK BAY, LLC

	 

	TSI BATTERY PARK, LLC

	 

	TSI BAY RIDGE 86TH STREET, LLC

	 

	TSI BAYONNE, LLC

	 

	TSI BAYRIDGE, LLC

	 

	TSI BEACON STREET, LLC

	 

	TSI BENSONHURST, LLC

	 

	TSI BETHESDA, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI BOYLSTON, LLC

	 

	TSI BROADWAY, LLC

	 

	TSI BROOKLYN BELT, LLC

	 

	TSI BRUNSWICK, LLC

	 

	TSI BULFINCH, LLC

	 

	TSI BUTLER, LLC

	 

	TSI CANTON, LLC

	 

	TSI CARMEL, LLC

	 

	TSI CASH MANAGEMENT, LLC

	 

	TSI CENTRAL SQUARE, LLC

	 

	TSI CHERRY HILL, LLC

	 

	TSI CHEVY CHASE, LLC

	 

	TSI CLARENDON, LLC

	 

	TSI CLARENDON STREET, LLC

	 

	TSI CLIFTON, LLC

	 

	TSI COBBLE HILL, LLC

	 

	TSI COLONIA, LLC

	 

	TSI COLUMBIA HEIGHTS, LLC

	 

	TSI COMMACK, LLC

	 

	TSI CONNECTICUT AVENUE, LLC 

	 

	TSI COURT STREET, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI CROTON, LLC

	 

	TSI DANBURY, LLC

	 

	TSI DAVIS SQUARE, LLC

	 

	TSI DEER PARK, LLC

	 

	TSI DOBBS FERRY, LLC

	 

	TSI DORCHESTER, LLC

	 

	TSI DOWNTOWN CROSSING, LLC

	 

	TSI DUPONT CIRCLE, INC.

	 

	TSI DUPONT II, INC.

	 

	TSI EAST 23, LLC

	 

	TSI EAST 31, LLC 

	 

	TSI EAST 34, LLC

	 

	TSI EAST 36, LLC

	 

	TSI EAST 41, LLC

	 

	TSI EAST 48, LLC

	 

	TSI EAST 51, LLC

	 

	TSI EAST 59, LLC

	 

	TSI EAST 76, LLC

	 

	TSI EAST 86, LLC

	 

	TSI EAST 86th STREET II, LLC

	 

	TSI EAST 91, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI EAST BRUNSWICK, LLC

	 

	TSI EAST MEADOW, LLC

	 

	TSI ENGLEWOOD, LLC

	 

	TSI F STREET, LLC

	 

	TSI FAIRFAX, LLC

	 

	TSI FENWAY, LLC 

	 

	TSI FIRST AVENUE, LLC

	 

	TSI FIT ACQUISITION, LLC

	 

	TSI FOREST HILLS, LLC

	 

	TSI FORT LEE, LLC

	 

	TSI FRAMINGHAM, LLC

	 

	TSI FRANKLIN (MA), LLC 

	 

	TSI FRANKLIN PARK, LLC

	 

	TSI FREEHOLD, LLC

	 

	TSI GALLERY PLACE, LLC

	 

	TSI GARDEN CITY, LLC

	 

	TSI GARNERVILLE, LLC

	 

	TSI GEORGETOWN, LLC

	 

	TSI GERMANTOWN, LLC

	 

	TSI GIFTCO, LLC

	 

	TSI GLENDALE, LLC ,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI GLOVER, LLC

	 

	TSI GRAND CENTRAL, LLC

	 

	TSI GREAT NECK, LLC

	 

	TSI GREENPOINT, LLC

	 

	TSI GREENWICH, LLC

	 

	TSI HARTSDALE, LLC

	 

	TSI HAWTHORNE, LLC

	 

	TSI HERALD, LLC

	 

	TSI HICKSVILLE, LLC

	 

	TSI HIGHPOINT, LLC

	 

	TSI HOBOKEN, LLC

	 

	TSI HOBOKEN NORTH, LLC

	 

	TSI HOLDINGS (CIP), LLC

	 

	TSI HOLDINGS (DC), LLC

	 

	TSI HOLDINGS (IP), LLC

	 

	TSI HOLDINGS (MA), LLC

	 

	TSI HOLDINGS (MD), LLC

	 

	TSI HOLDINGS (NJ), LLC

	 

	TSI HOLDINGS (PA), LLC

	 

	TSI HOLDINGS (VA), LLC

	 

	TSI HUNTINGTON, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI INTERNATIONAL, INC.

	 

	TSI IRVING PLACE, LLC

	 

	TSI JAMAICA ESTATES, LLC

	 

	TSI JERSEY CITY, LLC

	 

	TSI K STREET, LLC

	 

	TSI LARCHMONT, LLC

	 

	TSI LEXINGTON (MA), LLC

	 

	TSI LINCOLN, LLC

	 

	TSI LIVINGSTON, LLC

	 

	TSI LONG BEACH, LLC

	 

	TSI LYNNFIELD, LLC

	 

	TSI M STREET, LLC

	 

	TSI MAHWAH, LLC

	 

	TSI MAMARONECK, LLC

	 

	TSI MARKET STREET, LLC

	 

	TSI MARLBORO, LLC

	 

	TSI MATAWAN, LLC

	 

	TSI MERCER STREET, LLC

	 

	TSI MIDWOOD, LLC

	 

	TSI MONTCLAIR, LLC 

	 

	TSI MORRIS PARK, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI MURRAY HILL, LLC

	 

	TSI NANUET, LLC

	 

	TSI NATICK, LLC

	 

	TSI NEW ROCHELLE, LLC

	 

	TSI NEWARK, LLC

	 

	TSI NEWBURY STREET, LLC

	 

	TSI NEWTON, LLC

	 

	TSI NO SWEAT, LLC

	 

	TSI NORTH BETHESDA, LLC

	 

	TSI NORWALK, LLC

	 

	TSI OCEANSIDE, LLC

	 

	TSI OLD BRIDGE, LLC

	 

	TSI PARSIPPANY, LLC

	 

	TSI PLAINSBORO, LLC

	 

	TSI PORT JEFFERSON, LLC

	 

	TSI PRINCETON, LLC

	 

	TSI PRINCETON NORTH, LLC

	 

	TSI PROVIDENCE DOWNTOWN, LLC

	 

	TSI PROVIDENCE EASTSIDE, LLC

	 

	TSI RADNOR, LLC

	 

	TSI RAMSEY, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI READE STREET, LLC

	 

	TSI REGO PARK, LLC

	 

	TSI RIDGEWOOD, LLC

	 

	TSI RODIN PLACE, LLC

	 

	TSI SCARSDALE, LLC

	 

	TSI SEAPORT, LLC

	 

	TSI SHERIDAN, LLC

	 

	TSI SILVER SPRING, LLC

	 

	TSI SMITHTOWN, LLC

	 

	TSI SOCIETY HILL, LLC

	 

	TSI SOHO, LLC

	 

	TSI SOMERS, LLC

	 

	TSI SOMERSET, LLC

	 

	TSI SOUTH BETHESDA, LLC

	 

	TSI SOUTH END, LLC

	 

	TSI SOUTH PARK SLOPE, LLC

	 

	TSI SOUTH STATION, LLC

	 

	TSI SPRINGFIELD, LLC

	 

	TSI STAMFORD DOWNTOWN, LLC

	 

	TSI STAMFORD POST, LLC

	 

	TSI STAMFORD RINKS, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI STATEN ISLAND, LLC

	 

	TSI STERLING, LLC

	 

	TSI SUMMER STREET, LLC

	 

	TSI SUNNYSIDE, LLC

	 

	TSI SYOSSET, LLC

	 

	TSI UNIVERSITY MANAGEMENT, LLC

	 

	TSI VARICK STREET, LLC

	 

	TSI WALL STREET, LLC

	 

	TSI WALTHAM, LLC

	 

	TSI WASHINGTON, INC.

	 

	TSI WATER STREET, LLC

	 

	TSI WATERTOWN, LLC

	 

	TSI WAYLAND, LLC

	 

	TSI WELLESLEY, LLC

	 

	TSI WELLINGTON CIRCLE, LLC

	 

	TSI WEST 14, LLC

	 

	TSI WEST 16, LLC

	 

	TSI WEST 23, LLC

	 

	TSI WEST 38, LLC

	 

	TSI WEST 41, LLC

	 

	TSI WEST 44, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI WEST 48, LLC

	 

	TSI WEST 52, LLC

	 

	TSI WEST 73, LLC

	 

	TSI WEST 76, LLC

	 

	TSI WEST 80, LLC

	 

	TSI WEST 94, LLC

	 

	TSI WEST 115TH STREET, LLC

	 

	TSI WEST 125, LLC

	 

	TSI WEST 145TH STREET, LLC

	 

	TSI WEST CALDWELL, LLC

	 

	TSI WEST END, LLC

	 

	TSI WEST HARTFORD, LLC

	 

	TSI WEST NEWTON, LLC

	 

	TSI WEST NYACK, LLC

	 

	TSI WEST SPRINGFIELD, LLC

	 

	TSI WESTBOROUGH, LLC

	 

	TSI WESTPORT, LLC

	 

	TSI WESTWOOD, LLC

	 

	TSI WEYMOUTH, LLC

	 

	TSI WHITE PLAINS, LLC

	 

	TSI WHITE PLAINS CITY CENTER, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
	
	TSI WHITESTONE, LLC

	 

	TSI WILLIAMSBURG, LLC

	 

	TSI WOBURN, LLC

	 

	TSI WOODMERE, LLC,

	each as a Guarantor

	 

	By: /s/ David Kastin                              

	       Name:  David Kastin

	       Title:  Senior Vice President

-Signature Page-
First Amendment to Credit Agreement

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent

	 
	 

	 
	 

	By:
	/s/ Mary Kay Coyle

	 
	 

	Name:
	Mary Kay Coyle

	 
	 

	Title:
	Managing Director  

	 
	 

	 
	 

	By:
	/s/ Kirk L. Tashjian  

	 
	 

	Name:
	Kirk L. Tashjian  

	 
	 

	Title:
	Vice President

-Signature Page-
First Amendment to Credit AgreementEX-4.2

 Exhibit 4.2 

[EXECUTION VERSION] 
  

 
 MYLAN INC., 

as Issuer, 
 MYLAN N.V. 

as Guarantor 
 and 

THE BANK OF NEW YORK MELLON, 
 as
Trustee 
  
  

THIRD SUPPLEMENTAL INDENTURE 

DATED as of FEBRUARY 27, 2015 
 TO
THE INDENTURE 
 DATED as of SEPTEMBER 15, 2008 
  

 
 3.750% CASH
CONVERTIBLE NOTES DUE 2015 
  
  

 Third Supplemental Indenture (this “Supplemental Indenture”), dated as of
February 27, 2015, among Mylan N.V., a public limited liability company (naamloze vennootschap) organized and existing under the laws of the Netherlands (the “Guarantor”), Mylan Inc., a Pennsylvania corporation (the
“Company”), and The Bank of New York Mellon, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture, dated as of September 15, 2008, as amended, supplemented and modified by a supplemental indenture thereto, dated as of November 29, 2011 (the
“Indenture”), providing for the issuance of 3.750% Cash Convertible Notes due 2015, (the “Notes”); 

WHEREAS, the Guarantor has agreed to execute and deliver to the Trustee this Supplemental Indenture pursuant to which the Guarantor shall
fully and unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and 

WHEREAS, pursuant to Section 10.01 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental
Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1.
Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2.
Agreement to Guarantee. The Guarantor hereby agrees as follows: 
 (a) The Guarantor hereby absolutely, unconditionally, fully and
irrevocably guarantees the Notes and obligations of the Company thereunder and under the Indenture, and guarantees to each Holder of a Note authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder, that (i) the
principal of and interest on, and Fundamental Change Purchase Price and Conversion Reference Value with respect to the Notes will be paid in full when due, whether at the Final Maturity Date or a Fundamental Change Purchase Date or upon cash
conversion of the Notes, by acceleration or otherwise (including the amount that would become due but for the operation of any automatic stay provision of any Bankruptcy Law), together with interest on the overdue principal, if any, and interest on
any overdue interest, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes will be paid in full or performed or observed, all in accordance with the terms of the Indenture and
the Notes; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same will be paid in full when due or performed or observed in accordance with the terms of the extension or renewal,
whether at the Final Maturity Date or a Fundamental Change Purchase Date or upon a cash conversion of the Notes, by acceleration or otherwise. 

(b) The Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or the Indenture or the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions of the Indenture or the Notes (other than those which expressly release,
discharge or otherwise affect the Guarantee), any release of any other Notes Guarantor (as defined below), the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a Notes Guarantor. 
 (c) The Guarantor hereby waives (to the extent permitted by law) the
benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all
demands whatsoever and covenants, subject to Section 6 hereof, that this Guarantee shall not be discharged as to the Notes, except by complete performance of the obligations contained in the Notes, the Indenture and this Guarantee. The
Guarantor acknowledges that this Guarantee is a guarantee of payment and not of collection. 
 (d) The Guarantor hereby agrees that, in the
event of a default in payment of principal or interest on, or Fundamental Change Purchase Price or Conversion Reference Value with respect to such Notes, whether at the Final Maturity Date or a Fundamental Change Purchase Date or upon cash
conversion of the Notes, by acceleration 

  
 2 

 
or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Notes, subject to the terms and conditions set forth in the Indenture, directly against
the Guarantor to enforce the Guarantee without first proceeding against the Company or any other Notes Guarantor. The Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders
are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, the Guarantor will pay
to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Company or any Notes Guarantor, or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or any Notes Guarantor, any amount paid by any of them to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand (x) subject to this Supplemental Indenture, the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article VII of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and
(y) in the event of any acceleration of such obligations as provided in Article VII of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of this Guarantee.

 (f) The Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

3. Reinstatement. The Guarantor hereby agrees that the Guarantee provided hereunder shall continue to be effective or be reinstated, as
the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or insolvency of the Company or any Notes Guarantor. 

4. Contribution; Subrogation. In the event that the Notes are guaranteed by one or more Subsidiary or other Persons (such Subsidiary or
Subsidiaries, together with any other Person that guarantees the Notes and the Guarantor, the “Notes Guarantors”), the Notes Guarantors shall agree that in order to provide for just and equitable contribution among the Notes
Guarantors, in the event any payment or distribution is made by any Notes Guarantor under its Guarantee, such Notes Guarantor will be entitled to a contribution from any other Notes Guarantor in a pro rata amount based on the net assets of
each Notes Guarantor determined in accordance with GAAP. The Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by the Guarantor pursuant to its Notes Guarantee; provided, however,
that if an Event of Default has occurred and is continuing, the Guarantor shall not be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under
the Indenture or the Notes shall have been paid in full. 
 5. Execution and Delivery. The Guarantor hereby agrees that the Guarantee
will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
 6. Trustee Not
Responsible for Recitals. The Trustee makes no representations as to, and shall not be responsible in any manner whatsoever for or in respect of, the validity or sufficiency of, this Supplemental Indenture or for or in respect of the correctness
of the recitals contained herein, all of which recitals are made solely by the Company and Guarantor. 
 7. Supplemental Indenture
Controls. In the event of a conflict or inconsistency between the Indenture and this Supplemental Indenture, the provisions of this Supplemental Indenture shall control. 

  
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 8. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 9. Multiple Counterparts. The parties may sign multiple counterparts to this Supplemental
Indenture. Each signed counterpart shall be deemed an original, but all of them together represent the same agreement. 
 10.
Confirmation of the Indenture. The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby ratified and confirmed, and all of the terms, conditions and provisions thereof shall remain in full force and
effect, except as supplemented and amended hereby. 
 11. Effects of Headings. The Section headings herein are for convenience only
and shall not affect the construction hereof. 
 12. Successors and Assigns. All covenants and agreements in this Supplemental
Indenture made by the parties hereto shall bind their respective successors and assigns, whether so expressed or not. 
 13. Separability
Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

14. Obligations Under Indenture. For the avoidance of doubt, the Guarantor shall not be bound by any obligations or covenants under the
Indenture except as set forth in this Supplemental Indenture or as otherwise required by the Trust Indenture Act of 1939, as amended. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	MYLAN INC.
		
	By:		 /s/ John Miraglia

	Name:		John Miraglia
	Title:		Vice President and Assistant Treasurer

  

			
	MYLAN N.V.
		
	By:		 /s/ John Miraglia

	Name:		John Miraglia
	Title:		Vice President and Assistant Treasurer

 Signature Page to Third Supplemental Indenture to Cash Convertible Notes Indenture 

 THE BANK OF NEW YORK MELLON, as Trustee, 

 

			
	By:		 /s/ Francine Kindcaid

	Name:		FRANCINE KINCAID
	Title:		VICE PRESIDENT

 Signature Page to Third Supplemental Indenture to Cash Convertible Notes Indenture

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