Document:

EX-4.1

 Exhibit 4.1 

CITIBANK CREDIT CARD ISSUANCE TRUST 

Citiseries 
 Class
2016-A3 Notes 
 Issuer Certificate 

Pursuant to Sections 202 and 301(h) of the Indenture 

Reference is made to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of
August 9, 2011, and as further amended and restated as of November 10, 2016 between Citibank Credit Card Issuance Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (as so further amended and restated, the
“Indenture”). Capitalized terms used herein that are not otherwise defined have the meanings set forth in the Indenture. All references herein to designated Sections are to the designated Sections of the Indenture. 

Section 301(h) provides that the Issuer may from time to time create a tranche of Notes either by or pursuant to an Issuer Certificate
setting forth the principal terms thereof. Pursuant to this Issuer Certificate, there is hereby created a tranche of Notes having the following terms: 

Series Designation: Citiseries. This series is included in Group 1. 

Tranche Designation: $825,000,000 Floating Rate Class 2016-A3 Notes of December 2021 (Legal Maturity Date December 2023) (hereinafter, the “Class
2016-A3 Notes”) 
 Currency: The Class 2016-A3 Notes will be payable, and denominated, in Dollars. 

Denominations: The Class 2016-A3 Notes will be issuable in minimum denominations of $100,000 and multiples of $1,000 in excess of that amount. 

Issuance Date: December 19, 2016 
 Initial
Principal Amount: $825,000,000 
 Issue Price: 100% 

Interest Rate: The Class 2016-A3 Notes will accrue interest with respect to any interest period at a per annum rate equal to the Class 2016-A3 Note
Rate for such interest period, calculated on the basis of the actual number of days in such interest period divided by 360. The “Class 2016-A3 Note Rate” means, with respect to the first interest period, 1.26646% per annum and, with
respect to each interest period thereafter, a per annum rate equal to LIBOR for such interest period plus 0.49%. 
 The Issuer will determine LIBOR for each
applicable interest period on the second business day before the beginning of that interest period. For purposes of calculating LIBOR, a business day is any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank
market. 

 “LIBOR” means, as of any date of determination, the rate for deposits in U.S. Dollars for the
Designated Maturity (commencing on the first day of the relevant interest period) which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate
for that day will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for the Designated
Maturity (commencing on the first day of the relevant interest period). The Issuer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for
that day will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Issuer, at
approximately 11:00 a.m., New York City time, on that day for loans in U.S. Dollars to leading European banks for a period of the Designated Maturity (commencing on the first day of the relevant interest period). 

“Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters Monitor Money Rates service (or such other page
as may replace that page on that service or any successor service for the purpose of displaying comparable rates or prices). 
 “Designated
Maturity” means one month. 
 “Reference Banks” means four major banks in the London interbank market selected by the Issuer. 

Scheduled Interest Payment Dates: The 7th day of each month, beginning February 7, 2017. 

Each payment of interest on the Class 2016-A3 Notes will include all interest accrued from and including the preceding Interest Payment Date – or, for
the first interest period, from and including the Issuance Date – to and including the day preceding the current Interest Payment Date, plus any interest accrued but not previously paid. 

The first deposit targeted to be made to the Interest Funding sub-Account for the Class 2016-A3 Notes will be on the February 6, 2017 Interest Deposit
Date and in an amount equal to $1,451,152.08. 
 Expected Principal Payment Date: December 7, 2021 

Legal Maturity Date: December 7, 2023 
 Monthly
Principal Date: For the month in which the Expected Principal Payment Date occurs, December 7, 2021, and for each other month, the 7th day of such month, or if such day is not a Business Day, the next following Business Day. 

Required Subordinated Amount of Class B Notes: $49,359,007.50 

  
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 Required Subordinated Amount of Class C Notes: $65,811,982.50 

Controlled Accumulation Amount: $68,750,000.00 
 Form
of Notes: The Class 2016-A3 Notes will be issued as Global Notes. The Global Notes will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, and will be exchangeable for individual Notes only in
accordance with the provisions of Section 204(c). 
 Additional Issuances of Class 2016-A3 Notes: The Issuer may at any time and from time to
time issue additional Class 2016-A3 Notes, subject to the satisfaction of (i) the conditions precedent set forth in Section 311(a) and (ii) the following conditions: 

 

	 	(a)	The Issuer has obtained written confirmation from each Rating Agency that there will be no Ratings Effect with respect to the then outstanding Class 2016-A3 Notes as a result of the issuance of such additional Class
2016-A3 Notes; 

  

	 	(b)	As of the date of issuance of the additional Class 2016-A3 Notes, all amounts due and owing to the Holders of the then outstanding Class 2016-A3 Notes have been paid and there is no Nominal Liquidation Amount Deficit
with respect to the then outstanding Class 2016-A3 Notes; 

  

	 	(c)	The additional Class 2016-A3 Notes will be fungible with the original Class 2016-A3 Notes for federal income tax purposes; 

  

	 	(d)	If Holders of the then outstanding Class 2016-A3 Notes have the benefit of a Derivative Agreement, the Issuer will have obtained a Derivative Agreement for the benefit of the Holders of the additional Class 2016-A3
Notes; and 

  

	 	(e)	The ratio of the Controlled Accumulation Amount to the Initial Dollar Principal Amount of the Class 2016-A3 Notes, including the additional Class 2016-A3 Notes, will be equal to the ratio of the Controlled Accumulation
Amount (before giving effect to the additional issuance) to the Initial Dollar Principal Amount of the Class 2016-A3 Notes, excluding the additional Class 2016-A3 Notes. 

As of the date of issuance of additional Class 2016-A3 Notes, the Outstanding Dollar Principal Amount and Nominal Liquidation Amount of the Class 2016-A3
Notes will be increased to reflect the Initial Dollar Principal Amount of the additional Class 2016-A3 Notes. 
 Any outstanding Class 2016-A3 Notes and any
additional Class 2016-A3 Notes will be equally and ratably entitled to the benefits of the Indenture without preference, priority or distinction. 

Optional Redemption Provisions other than Section 1202 “Clean-Up Call”: None 

  
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 Additional Early Redemption Events or changes to Early Redemption Events: None 

Additional Events of Default or changes to Events of Default: None 

Business Day: means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking
institutions in New York, New York or South Dakota, or any other state in which the principal executive offices of any Additional Seller are located, are authorized or obligated by law, executive order or governmental decree to be closed. 

Securities Exchange Listing: None 

  
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 The Class 2016-A3 Notes shall have such other terms as are set forth in the form of Note attached
hereto as Exhibit A. Pursuant to Section 202, the form of Note attached hereto has been approved by the Issuer. 
  

			
	 CITIBANK CREDIT CARD ISSUANCE TRUST

By   Citibank, N.A.,

        as Managing Beneficiary

	
	/s/ Douglas C. Morrison
	 Douglas C. Morrison
 Vice
President

 Dated: December 19, 2016 

  
 5 

 Citiseries 

Class 2016-A3 Notes 

Reference is made to the resolutions adopted by the Board of Directors of Citibank, N.A. on January 28, 2016. The resolutions authorize
Citibank, N.A. from time to time to issue and sell, or to arrange for or participate in the issuance and sale of, one or more series and/or classes of pass-through certificates, participation certificates, commercial paper, notes, bonds or other
securities representing ownership interests in, or backed or secured by, pools of credit card receivables or interests therein (the “Receivables”) in an aggregate principal amount such that up to $55,000,000,000 of such certificates,
commercial paper, notes, bonds or other securities are outstanding at any one time and to sell, transfer, convey, assign or pledge or grant a security interest in all or any portion of its Receivables to Citibank Credit Card Master Trust I, Citibank
Omni Trust or any direct or indirect subsidiaries of Citibank, N.A., affiliates of Citigroup Inc., additional trusts or other entities or trustees in connection therewith on such terms as to be determined by the Citibank, N.A. Securitization Pricing
and Loan Committee (the “Pricing and Loan Committee”). 
 The undersigned, a duly authorized member of the Pricing and Loan
Committee, on behalf of such Pricing and Loan Committee, does hereby certify that the preceding Issuer Certificate, the terms of the tranche of Notes set forth in and to be created by the Issuer Certificate and the increase in the Invested Amount of
the Collateral Certificate resulting from the issuance of such Notes have been approved by such Pricing and Loan Committee. In addition, the following underwriting/selling agent terms with respect to this tranche of Notes have been approved by the
Pricing and Loan Committee: 
 Issue Price: 100% 

Underwriting Commission: 0.275% 

Proceeds to Issuer: 99.725% 

Representative of the Underwriters: Citigroup Global Markets Inc. 

The preceding Issuer Certificate and this certification of Pricing and Loan Committee approval shall be, continuously from the time of their
execution, official records of Citibank, N.A. 
  

	
	
	/s/ Douglas C. Morrison
	 Douglas C. Morrison

Member of the Securitization Pricing and Loan Committee

Citibank, N.A.

 Dated: December 19, 2016 

  
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 Exhibit A 

FORM OF 
 CITISERIES 

FLOATING RATE CLASS 2016-A3 NOTES OF DECEMBER 2021 

(Legal Maturity Date December 2023) 
  

									
	$[        ],000,000	  	 	  	 	  	 	  	REGISTERED
	CUSIP No. 17305E FY6	  	 	  	 	  	 	  	No. R-[1][2]

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE 

DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE 

ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR 

PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. 

OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED 

REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO 

SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE 

OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR 

OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE 

REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND IN THE 

INDENTURE REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING 

PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE 

AMOUNT SHOWN ON THE FACE HEREOF. 

CITIBANK CREDIT CARD ISSUANCE TRUST 

CITISERIES 
 FLOATING RATE CLASS
2016-A3 NOTES OF DECEMBER 2021 
 (Legal Maturity Date December 2023) 

CITIBANK CREDIT CARD ISSUANCE TRUST, a trust formed and existing under the laws of the State of Delaware (including any successor, the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of [        ] HUNDRED MILLION DOLLARS
($[        ],000,000). The Expected Principal Payment Date for this Note is December 7, 2021. The Legal Maturity Date for this Note is December 7, 2023. 

The Issuer hereby promises to pay interest on this Note on the 7th day of each month, beginning February 2017, until the principal of this Note is paid or
made available for payment, subject to certain limitations set forth in the Indenture. Interest will accrue on the outstanding principal amount of this Note for each interest period in an amount equal to the product of (i) the actual

 
number of days in such interest period divided by 360, (ii) a rate per annum equal to the Class 2016-A3 Note Rate for such interest period, and (iii) the outstanding principal amount of
this Note as of the preceding Interest Payment Date (after giving effect to any payments of principal made on the preceding Interest Payment Date) or, with respect to the first Interest Payment Date, the initial principal amount of this Note. The
Class 2016-A3 Note Rate will be determined as provided in the Indenture. 
 If any Interest Payment Date or Principal Payment Date of this Note falls on a
day that is not a Business Day, the required payment of interest or principal will be made on the following Business Day. 
 This Note is one of the
Citiseries, Class 2016-A3 Notes issued pursuant to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of November 10, 2016 (as
so further amended and restated and otherwise modified from time to time, the “Indenture”) between the Issuer and Deutsche Bank Trust Company Americas, as Trustee. For purposes of this Note, the term “Indenture” includes any
supplemental indenture or Issuer Certificate relating to the Citiseries, Class 2016-A3 Notes. This Note is subject to all of the terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the
Indenture will have the meanings assigned to them therein. 
 The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this
Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Issuer
Authorized Officer. 
  

			
	CITIBANK CREDIT CARD ISSUANCE TRUST
		
	By:	 	 CITIBANK, N.A.,
 as Managing Beneficiary of

Citibank Credit Card Issuance Trust

 
					
			
		 	By:	 	 
		 		 	 Douglas C. Morrison
 Vice
President

 Dated: December 19, 2016 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within mentioned Indenture. 

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee under the Indenture

		
	By:	 	 
		 	Authorized Signatory

 Dated: December 19, 2016 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Citiseries Floating Rate Class 2016-A3 Notes of December 2021 (Legal
Maturity Date December 2023) (herein called the “Notes”), all issued under an Indenture, to which Indenture reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. 
 This Note ranks pari passu with all other Class A Notes of the same series, as set forth in the Indenture. This Note is
secured to the extent, and by the collateral, described in the Indenture. 
 The Issuer will pay interest on overdue interest as set forth in the Indenture
to the extent lawful. 
 Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest
in this Note, agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Trustee on the Notes, against the Issuer, the Issuer Trustee, Citibank, N.A., the Trustee or any affiliate, officer,
employee or director of any of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder of this Note will be subject to Article V of the Indenture. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, in each case
other than Citibank, N.A. as Holder or owner, agrees that this Note is intended to be debt of Citibank, N.A. for federal, state and local income and franchise tax purposes, and agrees to treat this Note accordingly for all such purposes, unless
otherwise required by a taxing authority. 
 Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a
beneficial interest in this Note, agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Note, the Indenture or any Derivative Agreement. 

This Note and the Indenture will be construed in accordance with and governed by the laws of the State of New York. 

Certain amendments may be made to the Indenture without the consent of the Holder of this Note. This Note must be surrendered for final payment of principal
and interest. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                                 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  

 
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints
                                         
               , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

							
	Dated:	 	 	  		 	*
		 		  		 	Signature Guaranteed:

  
  

* NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular
without alteration, enlargement or any change whatsoever.Exhibit 10.1

 

WAIVER AND AMENDMENT TO REVOLVING CREDIT FACILITY

 

THIS WAIVER AND AMENDMENT TO REVOLVING CREDIT FACILITY (the “Agreement”) is made and entered into as of this 15th day of December, 2016, by and between JPMORGAN CHASE BANK, N.A., a national banking association, having an office located at 395 North Service Road, 3rd Floor, Melville, New York 11747 (“Lender”), on the one hand, and FREQUENCY ELECTRONICS, INC., a Delaware corporation whose address is 55 Charles Lindbergh Boulevard, Uniondale, New York 11553 (“Borrower”), FEI-ELCOM TECH, INC., having an office at 11 Volvo Drive, Rockleigh, New Jersey 07647, FEI COMMUNICATIONS, INC., having an office at 55 Charles Lindbergh Boulevard, Uniondale, New York 11553, FEI GOVERNMENT SYSTEMS, INC., having an office at 55 Charles Lindbergh Boulevard, Uniondale, New York 11553, and FEI-ZYFER, INC., having an office at 7321 Lincoln Way, Garden Grove, California 92841 (collectively hereinafter referred to as the “Guarantors”), on the other hand.

RECITALS

A. Borrower and Guarantors have executed and delivered to the Lender various loan documents, instruments and agreements, in connection with a $25,000,000.00 revolving credit facility (the “Loan Facility”) including, but not limited to, a Credit Agreement (the “Credit Agreement”) and Continuing Guarantees (the “Guarantees”), each dated as of June 6, 2013 (all such documents, agreements, and instruments executed by the Borrower and/or Guarantors, including all extensions, amendments and/or modifications, including hereunder, are hereinafter collectively referred to as the “Loan Documents”). Capitalized terms not otherwise defined herein shall have the meanings given such terms in the Credit Agreement.

 

B. To secure its obligations to Lender under the Loan Documents, Borrower has granted to Lender a security interest in the Collateral.

C. Lender has advised Borrower that Events of Default have occurred under Section 4.6A and Section 4.6B of the Credit Agreement (“Existing Defaults”).

D. By reason of the existence of the Existing Defaults, Lender has no obligation to make additional revolving credit facilities available to Borrower and Lender has the full legal right to exercise its rights and remedies under the Credit Agreement. Such remedies include, but are not limited to, the right to repossession and sale of the Collateral.

E. Borrower has requested that Lender waive Existing Defaults and the applicable provisions of Sections 4.6A and 4.6B of the Credit Agreement, each solely pertaining to the quarter ended October 31, 2016, on the terms and subject to the conditions set forth herein.

F. Pursuant to Section 8.2 of the Credit Agreement, the waiver requested by Borrower must be contained in a written agreement signed by Lender.

G. Lender has agreed to waive, and pursuant to the Agreement, has waived the Existing Defaults and the applicable provisions of Sections 4.6A and 4.6B of the Credit

772093-3

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Agreement, each solely pertaining to the quarter ended October 31, 2016, on the terms and conditions set forth herein.

AGREEMENT

In consideration of the Recitals and of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, Lender, Borrower and Guarantors agree as follows:

1. Waiver: Limitation of Waiver.

 

(a) As of the Effective Date (as hereinafter defined), the Existing Defaults and the applicable provisions of Sections 4.6A and 4.6B of the Credit Agreement, each solely pertaining to the quarter ended October 31 , 2016, are hereby waived until the expiration of the Loan Restructuring Period (as hereinafter defined).

(b) Without limiting the generality of Section 8.2 of the Credit Agreement, the waiver set forth above shall be limited precisely as written and relates solely to the Existing Defaults and nothing in this Agreement shall be deemed to: (i) constitute a waiver of compliance by the Borrower with respect to any other term, provision or condition of the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein; or (ii) prejudice any right or remedy that the Lender may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document, or any other instrument or agreement referred to therein.

(c) Revolving Credit Facilities. During the period from the Effective Date until the earlier of (i) February 15, 2017, or (ii) the date upon which the Loan Restructuring (as hereinafter defined) is completed (the “Loan Restructuring Period”), Lender will not provide, and Borrower shall have no right to obtain, any further loans, advances or other extensions of credit under the Loan Documents.

2. Amendments to the Credit Agreement. As of the Effective Date, the Credit Agreement is hereby amended as follows:

(a) Section 2.1 of the Credit Agreement is hereby amended by adding the following new definition in the appropriate alphabetical order:

“Loan Restructuring” means a restructuring and revision of the amount and terms of the Revolving Credit Facility, the Collateral therefor, and any Related Document in connection therewith, satisfactory to Lender in its sole and complete discretion.”

(b) Section 7.l (a) of the Credit Agreement is hereby amended to add the following Subsection M:

“M. The Loan Restructuring shall not have occurred on or before February 15, 2017, without any period of notice of or opportunity to cure the same.”

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(c) Section 12 of the Credit Agreement, as hereby amended, is hereby amended to read as follows:

“12. VOLUNTARY TERMINATION. Borrower may terminate this agreement, each other Loan Document and all security interests in the Collateral at any time upon at least ten ( 10) days’ prior written notice to the Bank. On the date specified in such notice, termination will be effective, so long as Borrower has (i) paid to the Bank, in same day funds, all amounts due under the Liabilities, including but not limited to the aggregate principal amount outstanding on such date, together with accrued interest and fees thereon, and (ii) provided cash collateral to Lender as reasonably determined by Lender to secure any credit card or other Lender products then utilized by Borrower pursuant to which Lender could have any further amounts due from Borrower.”

3. Conditions Precedent to Effectiveness of Agreement. This Agreement shall not be effective unless and until the date (the “Effective Date”) that each of the following conditions shall have been satisfied in Lender’s sole discretion or waived by Lender, for whose sole benefit such conditions exist:

(a) Execution and Delivery of this Agreement. The Borrower and Guarantors shall each have executed and delivered this Agreement.

(b) Payment of Expenses. Borrower shall have paid to Meltzer, Lippe, Goldstein & Breitstone, LLP, special counsel to Lender, the sum of $10,000, in payment of Lender’s attorneys’ fees and disbursements incurred in connection with the negotiation, preparation and closing of this Agreement.

(c) Waiver Fee. The Borrower shall have paid Lender a waiver fee of $5,000, which fee shall be fully earned upon the effectiveness of this Agreement.

(d) Lender shall have received (i) satisfactory evidence that all corporate and other proceedings that are necessary in connection with this Agreement have been taken to the Lender’s and its counsel’s reasonable satisfaction, and the Lender and such counsel shall have received all such counterpart originals or certified copies of such documents as the Lender may reasonably request; and (ii) such other information and documents as may reasonably be required by the Lender and its counsel in connection with this Agreement.

4. Representations and Warranties. The Borrower and each Guarantor hereby represents and warrants to the Lender (before and after giving effect to this Agreement) that:

(a) The Borrower and each Guarantor has the corporate power and authority, and the legal right, to execute, deliver and perform this Agreement.

(b) The Borrower and each Guarantor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement.

 

3

(c) No Violation. Borrower’s and Guarantors’ execution, delivery and performance of this Agreement do not and will not (i) violate any law, rule, regulation or court order to which Borrower or any Guarantor is subject; (ii) conflict with or result in a breach of the Articles of Incorporation or Bylaws of Borrower or any Guarantor or any agreement or instrument to which Borrower or any Guarantor is party or by which it or its properties are bound; or (iii) result in the creation or imposition of any lien, security interest or encumbrance on any property of Borrower or any Guarantor, whether now owned or hereafter acquired, other than liens in favor of Lender.

(d) This Agreement has been duly executed and delivered on behalf of the Borrower and each Guarantor. This Agreement and the Credit Agreement as amended hereby constitute the legal, valid and binding obligations of the Borrower and each Guarantor and are enforceable against the Borrower and each Guarantor in accordance with their terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

(e) Each of the representations and warranties made by the Borrower and each Guarantor herein or in or pursuant to the Loan Documents is true and correct in all material respects on and as of the Effective Date as if made on and as of such date (except that any representation or warranty which by its terms is made as of an earlier date shall be true and correct in all material respects as of such earlier date).

(f) No Event of Default (other than the Existing Defaults) has occurred and, as of the Effective Date after giving effect to this Agreement, is continuing, or will result from this Agreement.

(g) The Borrower and each Guarantor has performed in all material respects all agreements and satisfied all conditions which this Agreement and the other Loan Documents provide shall be performed or satisfied by the Borrower and each Guarantor on or before the Effective Date.

5. Default. Each of the following shall constitute an additional Event of Default under the Credit Agreement:

(a) any representation or warranty of Borrower or any Guarantor in this Agreement shall be false, misleading or incorrect in any material respect; or

(b) Any breach of any covenant or agreement of Borrower or any Guarantor in this Agreement.

6. Effect and Construction of Agreement. Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain in full force and effect in accordance with their respective terms, and this Agreement shall not be construed to:

(i) impair the validity, perfection or priority of any lien or security interest securing the obligations under the Loan Documents (the “Obligations”);

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(ii) waive or impair any rights, powers or remedies of Lender under the Credit Agreement and the other Loan Documents upon termination of the Loan Restructuring Period;

(iii) constitute an agreement by Lender or require Lender to extend the Loan Restructuring Period, or grant additional waivers or any forbearance periods, or extend the term of the Credit Agreement or the time for payment of any of the Obligations or otherwise amend or modify any Loan Document or waive any Events of Defaults or any rights of Lender under any Loan Document; or

(iv) make any loans, advances or other extensions of credit to Borrower.

In the event of any inconsistency between the terms of this Agreement and the Credit Agreement as amended hereby or any of the other Loan Documents, this Agreement shall govern. Borrower and each Guarantor acknowledges that it has consulted with counsel and with such other experts and advisors as it has deemed necessary in connection with the negotiation, execution and delivery of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Agreement or any part hereof to be drafted.

7. Miscellaneous.

(a) Further Assurance. Borrower and each Guarantor agrees to execute such other and further documents and instruments as Lender may reasonably request to implement the provisions of this Agreement and to perfect and protect the liens and security interests created by the Loan Documents.

(b) Benefit of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, their respective successors and assigns. No other person or entity shall be entitled to claim any right or benefit hereunder, including, without limitation, the status of a third-party beneficiary of this Agreement.

(c) Integration. This Agreement, together with the Credit Agreement and the other Loan Documents, constitutes the entire agreement and understanding among the parties relating to the subject matter hereof, and supersedes all prior proposals, negotiations, agreements and understandings relating to such subject matter. In entering into this Agreement, Borrower and each Guarantor acknowledges that it is relying on no statement, representation, warranty, covenant or agreement of any kind made by Lender or any employee or agent of Lender, except for the express agreements of Lender set forth herein.

(d) Severability. The provisions of this Agreement are intended to be severable. If any provisions of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction , be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

 

5

(e) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York (and excluding the laws applicable to conflicts or choice of law).

(f) Counterparts; Telecopied Signatures. This Agreement may be executed in any number of counterparts and by different parties to this Agreement on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or other electronic transmission shall be deemed to be an original signature hereto.

(g) Notices. Any notices with respect to this Agreement shall be given in writing and sent by either certified mail, return receipt requested or by a nationally recognized overnight delivery service as follows:

If to Borrower:

Frequency Electronics, Inc.

55 Charles Lindbergh Boulevard 

Uniondale, New York 11553

with a copy (which shall not be notice) to:

Greenberg Traurig, LLP 

Metlife Building

200 Park Avenue

New York, NY 10166 

Attn: Dennis Block

If to the Guarantors:

c/o Frequency Electronics, Inc. 

55 Charles Lindbergh Boulevard 

Uniondale, New York 11553

with a copy (which shall not be notice) to:

Greenberg Traurig, LLP 

Metlife Building

200 Park Avenue

New York, NY 10166 

Attn: Dennis Block

If to Lender, to:

JPMorgan Chase Bank, N.A. 

Middle Market Tech Credit

270 Park Avenue, Floor 43, NY1-K839

6

New York, New York 10017-2014

Attn: William Horstman

 

with a copy (which shall not be notice) to:

Meltzer, Lippe, Goldstein & Breitstone, LLP

190 Willis Avenue

Mineola, New York 11501

Attn: Ira R. Halperin, Esq.

(h) Survival. All representations, warranties, covenants, agreements, undertakings, waivers and releases of Borrower and the Guarantors contained herein shall survive the termination of the Loan Restructuring Period.

(i) Amendment. No amendment, modification, rescission, waiver or release of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the parties hereto.

8. Release of Claims and Waiver. Borrower and each Guarantor hereby releases, remises, acquits and forever discharges Lender and Lender’s employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiary corporations, parent corporations, and related corporate divisions (all of the foregoing hereinafter called the “Released Parties”), from any and all actions and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly arising out of or in any way connected to this Agreement, the Credit Agreement and the other Loan Documents (all of the foregoing hereinafter called the “Released Matters”). Borrower and each Guarantor acknowledges that the agreements in this paragraph are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters. Each of Borrower and Guarantors represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any of their respective right, title or interest in any Released Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.

9. Jury Trial Waiver. LENDER, BORROWER AND GUARANTORS EACH HEREBY IRREVOCABLY WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED HEREBY AND/OR THE OTHER LOAN DOCUMENTS.

10. Jurisdiction and Venue. The provisions of Section 8.5 of the Credit Agreement regarding jurisdiction and venue are incorporated herein by reference.

[Signature Page Follows]

7

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written .

JPMORGAN CHASE BANK, N.A.

By: /s/ William J. Hortsman

     Name: Will Hortsman

     Title: Authorized Officer

Date Signed:  December 15, 2016

Borrower:

FREQUENCY ELECTRONICS, INC.

By: /s/ Steven Bernstein

      Steven Bernstein

      Chief Financial Officer

Date Signed:  December 15, 2016

Guarantors:

FEI-ELCOM TECH, INC.

By: /s/ James Davis 

      Name: James Davis

      Title:Chief Executive Officer

Date Signed:  December 15, 2016

FEI COMMUNICATIONS, INC.

By: /s/Martin B. Bloch

      Name: Martin B. Bloch

      Title: President

Date Signed:  December 15, 2016

 

 

[Signatures Continued on Following Page]

8

FEI GOVERNMENT SYSTEMS, INC.

 

By:                /s/Martin B. Bloch

      Name: Martin B. Bloch

      Title: President

Date Signed: December 15, 2016

FEI-ZYFER, INC.

By: /s/ Steven Strang

      Name: Steven Strang

      Title: President, FEI-Zyfer, Inc.

Date Signed:  December 15, 2016

 

[Signature Page to Waiver and Amendment to Revolving Credit Facility]

9

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