Document:

exv10w5

Exhibit 10.5

Pledge Agreement

(Stocks, Bonds and Commercial Paper)

     THIS PLEDGE AGREEMENT, dated as of this 30th day of September, 2009 (the “Pledge
Agreement”), is made by ERIE INDEMNITY COMPANY AS ATTORNEY IN FACT FOR ERIE INSURANCE EXCHANGE
(the “Pledgor”), with an address at 100 Erie
Insurance Place, Erie, Pennsylvania 16530, in favor of PNC BANK, NATIONAL ASSOCIATION (“PNC”), as
administrative agent for itself and certain other Lenders (as hereinafter defined) (in such
capacity, the “Secured Party”), with an address at 901 State Street, P.O. Box 8480, Erie,
Pennsylvania 16553 (“Pledge Agreement”).

     1. Pledge. In order to induce the Secured Party and the other Lenders to extend the
Obligations (as defined below), the Pledgor hereby grants a security interest in and pledges to the
Secured Party (as administrative agent for itself and the other Lenders) all of the Pledgor’s
right, title and interest in and to the investment property and other assets of the Pledgor in the
following investment account and all security entitlements of the Pledgor with respect thereto,
whether now owned or hereafter acquired, together with all additions, substitutions, replacements
and proceeds thereof and all income, interest, dividends and other distributions thereon
(collectively, the “Collateral”). Account No.: EIRF 1221052; Name: Erie Insurance Exchange
Collateral Account; Custodian: The Bank of New York Mellon; Custodian’s Address: One Mellon Center,
Pittsburgh, Pennsylvania 15258, which investment account contains as of the Closing Date the
investment property and other assets set forth in Exhibit A attached hereto and made a part
hereof. If the Collateral includes certificated securities, documents or instruments, such
certificates are herewith delivered to the Secured Party accompanied by duly executed blank stock
or bond powers or assignments as applicable. The Pledgor hereby authorizes the transfer of
possession of all certificates, instruments, documents and other evidence of the Collateral to the
Secured Party.

     2. Obligations Secured. Reference is hereby made to that certain Credit Agreement,
dated of even date herewith, by and among the Pledgor, PNC and various other financial institutions
from time to time party thereto (PNC and such other financial institutions are each, a “Lender” and
collectively, the “Lenders”), and the Secured Party (as amended, restated, modified or supplemented
from time to time, the “Credit Agreement”; unless otherwise defined herein, terms defined in the
Credit Agreement shall have such defined meaning when used herein). The Collateral secures payment
of the Obligations in accordance with the terms of the Obligations and of the Credit Agreement and
the full and timely payment and performance of the obligations of the Pledgor under this Pledge
Agreement, and the Loan Parties under the Credit Agreement and the other Loan Documents
(hereinafter referred to collectively as the “Obligations”).

     3. Representations and Warranties. The Pledgor represents and warrants to the Secured
Party as follows:

 

 

          3.1 This Pledge Agreement and the Control Agreement (as hereinafter defined) have been duly
executed and delivered by the Pledgor, constitute valid and legally binding obligations and are
enforceable in accordance with their respective terms against the Pledgor.

          3.2 The execution, delivery and performance of this Pledge Agreement, the grant of the
security interest in the Collateral hereunder and the consummation of the transactions contemplated
hereby will not, with or without the giving of notice or the lapse of time, (i) violate any law
applicable to the Pledgor; (ii) violate any judgment, writ, injunction or order of any court or
Official Body applicable to the Pledgor; (iii) violate or result in the breach of any agreement to
which the Pledgor is a party or by which any of its properties, including the Collateral, is bound;
nor (iv) violate any restriction on the transfer of any of the Collateral.

          3.3 There are no restrictions on the pledge or transfer of any of the Collateral.

          3.4 The Pledgor is the legal owner of the Collateral, which is registered in the name of the
Pledgor, the Custodian (as hereinafter defined) or a nominee.

          3.5 The Collateral is free and clear of any security interests, pledges, liens, encumbrances,
charges, agreements, claims or other arrangements or restrictions of any kind, except as referenced
in Section 3.3 above; and the Pledgor will not incur, create, assume or permit to exist any pledge,
security interest, lien, charge or other encumbrance of any nature whatsoever on any of the
Collateral or assign, pledge or otherwise encumber any right to receive income from the Collateral,
other than in favor of the Secured Party.

          3.6 The Pledgor has the right to transfer the Collateral free of any encumbrances and the
Pledgor will defend the Pledgor’s title to the Collateral against the claims of all Persons, and
any registration with, or consent or approval of, or other action by, any federal, state or other
governmental authority or regulatory body which was or is necessary for the validity of the pledge
of and grant of the security interest in the Collateral has been obtained.

          3.7 The pledge of and grant of the security interest in the Collateral is effective to vest in
the Secured Party a valid and perfected first priority security interest, superior to the rights of
any other person, in and to the Collateral as set forth herein.

          3.8 None of the information, documents, or financial statements that have been furnished by
the Pledgor to the Secured Party in connection with the transactions contemplated by this Pledge
Agreement or the other Loan Documents contains, as of the date furnished, any untrue statement of
material fact or omits any material fact required to be stated hereby or thereby to make such
statements not misleading.

          3.9 The Collateral described in Exhibit A is a complete and accurate list of the
securities and other investment property and assets maintained in the Collateral Account as of the
Closing Date.

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     4. Covenants.

          4.1 The Pledgor agrees to maintain Collateral Value in accordance with Section 7.1.10 of the
Credit Agreement.

          4.2 The Pledgor agrees that Eligible Collateral maintained in the Collateral Account shall
consist of investment property and other assets in accordance with Section 7.1.12 of the Credit
Agreement.

          4.3 The Pledgor agrees that upon the making of any trades or withdrawals with respect to the
assets maintained in the Collateral Account in accordance with the provisions of this Pledge
Agreement, the Pledgor shall immediately provide the Secured Party with an updated Exhibit
A to this Pledge Agreement.

          4.4 If all or part of the Collateral constitutes “margin stock” within the meaning of
Regulation U of the Federal Reserve Board, the Pledgor agrees to execute and deliver Form U-l to
the Secured Party and, unless otherwise agreed in writing between the Pledgor and the Secured
Party, no part of the proceeds of the Obligations may be used to purchase or carry margin stock.

          4.5 Pledgor agrees not to invoke, and hereby waives its rights under, any statute under any
state or federal law which permits the recharacterization of any portion of the Collateral to be
interest or income.

     5. Default.

          5.1 If any of the following occur and are continuing (each an “Event of Default”): (i) any
Event of Default (as defined in the Credit Agreement), (ii) the failure of the Secured Party to
have a perfected first priority security interest in the Collateral, (iii) any restriction is
imposed on the pledge or transfer of any of the Collateral after the date of this Pledge Agreement
without the Secured Party’s prior written consent, or (iv) the breach of the Control Agreement
(referred to in Section 8 below), or receipt of notice of termination of the Control Agreement if
no successor custodian acceptable to the Secured Party has executed a Control Agreement in form and
substance acceptable to the Secured Party on or before ten (10) days prior to the effective date of
the termination, then the Secured Party is authorized in its discretion to declare any or all of
the Obligations to be immediately due and payable without demand or notice, which are expressly
waived, and may exercise any one or more of the rights and remedies granted pursuant to this Pledge
Agreement or given to a secured party under the Uniform Commercial Code of the applicable state, as
it may be amended from time to time, or otherwise at law or in equity, including without limitation
the right to issue a Notice of Exclusive Control (as defined in the Control Agreement) to the
Custodian, and/or to sell or otherwise dispose of any or all of the Collateral at public or private
sale, with or without advertisement thereof upon such terms and conditions as it may deem advisable
and at such prices as it may deem best.

          5.2 (a) At any bona fide public sale, and to the extent permitted by law, at any private sale,
the Secured Party shall be free to purchase all or any part of the Collateral, free of any right or
equity of redemption in the Pledgor, which right or equity is hereby waived and released. Any such
sale may be on cash or credit. The Secured Party shall be authorized at any

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such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to
persons who will represent and agree that they are purchasing the Collateral for their own account
in compliance with Regulation D of the Securities Act of 1933 (the “Act”) or any other applicable
exemption available under such Act. The Secured Party will not be obligated to make any sale if it
determines not to do so, regardless of the fact that notice of the sale may have been given. The
Secured Party may adjourn any sale and sell at the time and place to which the sale is adjourned.
If the Collateral is customarily sold on a recognized market or threatens to decline speedily in
value, the Secured Party may sell such Collateral at any time without giving prior notice to the
Pledgor. Whenever notice is otherwise required by law to be sent by the Secured Party to the
Pledgor of any sale or other disposition of the Collateral, ten (10) days written notice sent to
the Pledgor at its address specified above will be reasonable.

               (b) The Pledgor recognizes that the Secured Party may be unable to effect or cause to be
effected a public sale of the Collateral by reason of certain prohibitions contained in the Act, so
that the Secured Party may be compelled to resort to one or more private sales to a restricted
group of purchasers who will be obligated to agree, among other things, to acquire the Collateral
for their own account, for investment and without a view to the distribution or resale thereof. The
Pledgor understands that private sales so made may be at prices and on other terms less favorable
to the seller than if the Collateral were sold at public sales, and agrees that the Secured Party
has no obligation to delay or agree to delay the sale of any of the Collateral for the period of
time necessary to permit the issuer of the securities which are part of the Collateral (even if the
issuer would agree), to register such securities for sale under the Act. The Pledgor agrees that
private sales made under the foregoing circumstances shall be deemed to have been made in a
commercially reasonable manner.

          5.3 The net proceeds arising from the disposition of the Collateral after deducting expenses
incurred by the Secured Party will be applied to the Obligations in the order determined by the
Secured Party. If any excess remains after the discharge of all of the Obligations, the same will
be paid to the Pledgor. If after exhausting all of the Collateral there is a deficiency, the
Pledgor will be liable therefor to the Secured Party; provided, however, that
nothing contained herein will obligate the Secured Party to proceed against the Pledgor or any
other party obligated under the Obligations or against any other collateral for the Obligations
prior to proceeding against the Collateral.

          5.4 If any demand is made at any time upon the Secured Party for the repayment or recovery of
any amount received by it in payment or on account of any of the Obligations and if the Secured
Party repays all or any part of such amount by reason of any judgment, decree or order of any court
or administrative body or by reason of any settlement or compromise of any such demand, the Pledgor
will be and remain liable for the amounts so repaid or recovered to the same extent as if such
amount had never been originally received by the Secured Party. The provisions of this section will
be and remain effective notwithstanding the release of any of the Collateral by the Secured Party
in reliance upon such payment (in which case the Pledgor’s liability will be limited to an amount
equal to the fair market value of the Collateral determined as of the date such Collateral was
released) and any such release will be without prejudice to the Secured Party’s rights hereunder
and will be deemed to have been conditioned upon such payment having become final and irrevocable.
This Section shall survive the termination of this Pledge Agreement.

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     6. Voting Rights and Transfer. Prior to the occurrence of an Event of Default which is
continuing, the Pledgor will have the right to exercise all voting rights with respect to the
Collateral. At any time after the occurrence of an Event of Default which is continuing, the
Secured Party may transfer any or all of the Collateral into its name or that of its nominee and
may exercise all voting rights with respect to the Collateral to the exclusion of the Pledgor, but
no such transfer shall constitute a taking of such Collateral in satisfaction of any or all of the
Obligations unless the Secured Party expressly so indicates by written notice to the Pledgor.

     7. Dividends, Interest and Premiums. The Pledgor will have the right to receive all
cash dividends, interest and premiums declared and paid on the Collateral prior to the occurrence
of any Event of Default which is continuing. In the event any additional shares are issued to the
Pledgor as a stock dividend or in lieu of interest on any of the Collateral, as a result of any
split of any of the Collateral, by reclassification or otherwise, any certificates evidencing any
such additional shares will be immediately delivered to the Secured Party and such shares will be
subject to this Pledge Agreement and a part of the Collateral to the same extent as the original
Collateral. At any time after the occurrence of an Event of Default which is continuing, the
Secured Party shall be entitled to receive all cash or stock dividends, interest and premiums
declared or paid on the Collateral, all of which shall be subject to the Secured Party’s rights
under Section 5 above.

     8. Securities Account. If the Collateral includes securities or any other financial or
other asset maintained in a securities account, then the Pledgor agrees to cause the securities
intermediary on whose books and records the ownership interest of the Pledgor in the Collateral
appears (the “Custodian”) to execute and deliver, contemporaneously herewith, a notification and
control agreement or other agreement (the “Control Agreement”) reasonably satisfactory to the
Secured Party in order to perfect and protect the Secured Party’s security interest in the
Collateral.

     9. Further Assurances. By its signature hereon, the Pledgor hereby irrevocably
authorizes the Secured Party, at any time and from time to time, to execute (on behalf of the
Pledgor), file and record against the Pledgor any notice, financing statement, continuation
statement, amendment statement, instrument, document or agreement under the UCC that the Secured
Party may consider necessary or advisable to create, preserve, continue, perfect or validate any
security interest granted hereunder or to enable the Secured Party to exercise or enforce its
rights hereunder with respect to such security interest. Without limiting the generality of the
foregoing, the Pledgor hereby irrevocably appoints the Secured Party as the Pledgor’s
attorney-in-fact to do all acts and things in the Pledgor’s name that the Secured Party may deem
necessary or advisable to create, preserve, continue, perfect or validate any security interest
granted hereunder or to enable the Secured Party to exercise or enforce its rights hereunder with
respect to such security interest. This power of attorney is coupled with an interest with full
power of substitution and is irrevocable. The Pledgor hereby ratifies all that said attorney shall
lawfully do or cause to be done by virtue hereof.

     10. Release of Collateral. Subject to any sale or other disposition by the Secured
Party of the Collateral in accordance with the terms hereof, upon payment in full and the
satisfaction of all of the Obligations and the termination of the Credit Agreement, this Pledge
Agreement shall terminate, the Pledgor and its assigns are authorized to file or the Secured Party,

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upon request from the Pledgor, shall file, if applicable, UCC-3 financing statements to evidence
the release of the Liens granted hereunder and the Collateral shall within thirty (30) days
following payment in full and the satisfaction of all of the Obligations and the termination of the
Credit Agreement be returned to the Pledgor.

     11. Notices. All notices, demands, requests, consents, approvals and other
communications required or permitted hereunder (“Notices”) must be in writing and will be effective
upon receipt. Notices may be given in any manner to which the parties may separately agree,
including electronic mail. Without limiting the foregoing, first-class mail, facsimile transmission
and commercial courier service are hereby agreed to as acceptable methods for giving Notices.
Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth
above or to such other address as either the Pledgor or the Secured Party may give to the other for
such purpose in accordance with this section.

     12. Preservation of Rights. (a) No delay or omission on the Secured Party’s part to
exercise any right or power arising hereunder will impair any such right or power or be considered
a waiver of any such right or power, nor will the Secured Party’s action or inaction impair any
such right or power. The Secured Party’s rights and remedies hereunder are cumulative and not
exclusive of any other rights or remedies which the Secured Party may have under other agreements,
at law or in equity.

               (b) The Secured Party may, at any time and from time to time, without notice to or the
consent of the Pledgor unless otherwise expressly required pursuant to the terms of the
Obligations, and without impairing or releasing, discharging or modifying the Pledgor’s
liabilities hereunder, (i) change the manner, place, time or terms of payment or performance of or
interest rates on, or other terms relating to, any of the Obligations; (ii) renew, substitute,
modify, amend or alter, or grant consents or waivers relating to any of the Obligations, any other
pledge or security agreements, or any security for any Obligations; (iii) apply any and all
payments by whomever paid or however realized including any proceeds of any collateral, to any
Obligations of the Pledgor in such order, manner and amount as the Secured Party may determine in
its sole discretion; (iv) deal with any other Person with respect to any Obligations in such
manner as the Secured Party deems appropriate in its sole discretion; (v) substitute, exchange or
release any security or guaranty; or (vi) take such actions and exercise such remedies hereunder
as provided herein. The Pledgor hereby waives (a) presentment, demand, protest, notice of dishonor
and notice of non-payment and all other notices to which the Pledgor might otherwise be entitled,
and (b) all defenses based on suretyship or impairment of collateral.

     13. Illegality. In case any one or more of the provisions contained in this Pledge
Agreement should be invalid, illegal or unenforceable in any respect, it shall not affect or impair
the validity, legality and enforceability of the remaining provisions in this Pledge Agreement.

     14. Changes in Writing. No modification, amendment or waiver of or consent to any
departure by the Pledgor from, any provision of this Pledge Agreement will be effective unless made
in a writing signed by the Secured Party, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. No notice to or demand on the Pledgor
in any case will entitle the Pledgor to any other or further notice or demand in the same, similar
or other circumstance.

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     15. Entire Agreement. This Pledge Agreement (including the documents and instruments
referred to herein) constitutes the entire agreement and supersedes all other prior agreements and
understandings, both written and oral, between the Pledgor and the Secured Party with respect to
the subject matter hereof.

     16. Successors and Assigns. This Pledge Agreement will be binding upon and inure to
the benefit of the Pledgor and the Secured Party and their respective heirs, executors,
administrators, successors and assigns; provided, however, that the Pledgor may not
assign this Pledge Agreement in whole or in part without the Secured Party’s prior written consent
and the Secured Party at any time may assign this Pledge Agreement in whole or in part.

     17. Interpretation. In this Pledge Agreement, unless the Secured Party and the Pledgor
otherwise agree in writing, the singular includes the plural and the plural the singular;
references to statutes are to be construed as including all statutory provisions consolidating,
amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”,
the words “including”, “includes” and “include” shall be deemed to be followed by the words
“without limitation”; and references to agreements and other contractual instruments shall be
deemed to include all subsequent amendments and other modifications to such instruments, but only
to the extent such amendments and other modifications are not prohibited by the terms of this
Pledge Agreement. Section headings in this Pledge Agreement are included for convenience of
reference only and shall not constitute a part of this Pledge Agreement for any other purpose. If
this Pledge Agreement is executed by more than one party as Pledgor, the obligations of such
persons or entities will be joint and several.

     18. Indemnity. The Pledgor agrees to indemnify each of the Secured Party, each legal
entity, if any, who controls, is controlled by or is under common control with the Secured Party,
and each of their respective directors, officers and employees (the “Indemnified Parties”), and to
hold each Indemnified Party harmless from and against, any and all claims, damages, losses,
liabilities and expenses (including all reasonable fees and charges of internal or external counsel
with whom any Indemnified Party may consult and all expenses of litigation or preparation therefor)
which any Indemnified Party may incur, or which may be asserted against any Indemnified Party by
any person, entity or governmental authority (including any person or entity claiming derivatively
on behalf of the Pledgor), in connection with or arising out of or relating to the matters referred
to in this Pledge Agreement or under any Control Agreement, whether (a) arising from or incurred in
connection with any breach of a representation, warranty or covenant by the Pledgor, or (b) arising
out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending
or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise,
before any court or governmental authority; provided, however, that the foregoing indemnity
agreement shall not apply to claims, damages, losses, liabilities and expenses solely attributable
to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained
in this Section shall survive the termination of this Pledge Agreement. The Pledgor may participate
at its expense in the defense of any such action or claim.

     19. Governing Law and Jurisdiction. This Pledge Agreement has been delivered to and
accepted by the Secured Party and will be deemed to be made in the Commonwealth of Pennsylvania.
THIS PLEDGE AGREEMENT WILL BE INTERPRETED AND THE

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RIGHTS AND LIABILITIES OF THE PLEDGOR AND THE SECURED PARTY DETERMINED IN ACCORDANCE WITH THE LAWS
OF THE COMMONWEALTH
OF PENNSYLVANIA, EXCLUDING ITS CONFLICT OF LAWS RULES. The Pledgor hereby irrevocably consents to
the exclusive jurisdiction of the courts of the Commonwealth of Pennsylvania sitting in Allegheny
County and of the United States District Court for the Western District of Pennsylvania, and any
appellate court from any thereof; provided that nothing contained in this Pledge Agreement will
prevent the Secured Party from bringing any action, enforcing any award or judgment or exercising
any rights against the Pledgor individually, against any security or against any property of the
Pledgor within any other county, state or other foreign or domestic jurisdiction. The Pledgor
acknowledges and agrees that the venue provided above is the most convenient forum for both the
Secured Party and the Pledgor. The Pledgor waives any objection to venue and any objection based on
a more convenient forum in any action instituted under this Pledge Agreement.

     20. WAIVER OF JURY TRIAL. THE PLEDGOR IRREVOCABLY WAIVES ANY AND ALL RIGHT THE
PLEDGOR MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO
THIS PLEDGE AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS PLEDGE AGREEMENT OR ANY
TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE PLEDGOR ACKNOWLEDGES THAT THE FOREGOING
WAIVER IS KNOWING AND VOLUNTARY.

The Pledgor acknowledges that it has read and understood all the provisions of this Pledge
Agreement, including the waiver of jury trial, and has been advised by counsel as necessary or
appropriate.

[INTENTIONALLY LEFT BLANK]

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     WITNESS the due execution hereof as a document under seal, as of the date first written above,
with the intent to be legally bound hereby.

     

	 	 	 	 	 
	WITNESS: 	Erie Insurance Exchange

By: Erie Indemnity Company, 
a Pennsylvania
corporation, its Attorney-in-Fact

 	 
	/s/ Brian W. Bolash                         
   
                         	By:  	/s/ Douglas F. Ziegler
 	 (SEAL) 
	 	 	Print Name:  	Douglas F. Ziegler 	 
	 	 	Title:  	Senior Vice President, Treasurer and 
Chief
Investment Officer 	 
	 

 

 

EXHIBIT A TO PLEDGE AGREEMENT

(UNCERTIFICATED SECURITIES)

With respect to the following account:

Title of the Securities Account: Erie Insurance Exchange Collateral Account

Securities Account No.: EIRF 1221052 
Custodian: The Bank of New York Mellon

The specific assets listed on the attached spreadsheet, which are in the securities account
referred to above, are being pledged as collateral and trading and withdrawals are permitted
provided that no Event of Default has occurred and is continuing, and further provided that at all
times, (i) the Pledgor shall maintain Collateral Value at all times in accordance with Section
7.1.10 of the Credit Agreement, (ii) the Pledgor shall maintain in the Collateral Account
investment property and other assets in accordance with Section 7.1.12 of the Credit Agreement, and
(iii) upon any trading or withdrawals of such assets, the Pledgor shall immediately provide the
Secured Party with an updated Exhibit A to this Pledge Agreement.

[Spreadsheet Attached]

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$Par Amt(M)	 	$MV(M) 9/29/09	 	Description	 	Cusip #	 	Insurer	 	Mdy/S&P	 	Underlying	 	Other Inf	 	% Tot MV
	 	9.910	 	 	 	10.820	 	 	Farmer Mac 5 1/8% due 4/19/17
	 	30769qaa8	 	na	 	Aaa/nr	 	Aaa/nr/AA	 	Corp	 	 	4.09	 
	 	4.000	 	 	 	4.260	 	 	Alaska Stdt 5.25% due 6/1/12
	 	 	011855AH6	 	 	na	 	nr/AAA	 	nr/AAA/AAA	 	 	 	 	 	 	1.61	 
	 	5.040	 	 	 	5.320	 	 	Carrltn.TX ISD GO 5.25% due 2/15/14
	 	 	145628jv6	 	 	PSF	 	Aaa/AAA	 	Aa2/AA/nr	 	 	 	 	 	 	2.01	 
	 	3.400	 	 	 	3.580	 	 	Carrltn.TX ISD GO 5.25% due 2/15/17
	 	 	145628JY0	 	 	PSF	 	Aaa/AAA	 	Aa2/AA/nr	 	 	 	 	 	 	1.35	 
	 	5.200	 	 	 	6.000	 	 	Chicago Wtr 5.375% due 12/1/16
	 	 	167560JM4	 	 	na	 	Aaa/nr	 	Aaa/nr/AAA	 	pr 12/1/12	 	 	2.27	 
	 	6.000	 	 	 	7.040	 	 	DistofCol GO 5% due 6/1/20
	 	 	25476FJE9	 	 	BHAC	 	Aa1/AAA	 	 	A1/A+/A+	 	 	 	 	 	 	 	2.66	 
	 	4.940	 	 	 	5.380	 	 	Garland, Tx ISD 4% due 2/15/14
	 	 	366155NN5	 	 	PSF	 	Aaa/AAA	 	Aa1/AA/nr	 	 	 	 	 	 	2.04	 
	 	6.200	 	 	 	7.220	 	 	Georgia GO 5% due 8/1/21
	 	 	373384DQ6	 	 	na	 	Aaa/AAA	 	Aaa/AAA/AAA	 	 	 	 	 	 	2.73	 
	 	5.000	 	 	 	5.250	 	 	Grand Prairie, TX ISD 5% due 2/15/23
	 	 	386154P36	 	 	PSF	 	Aaa/AAA	 	A1/AA-/nr	 	 	 	 	 	 	1.99	 
	 	10.000	 	 	 	12.530	 	 	Harris Cty Hlth 5.75% due 7/1/27
	 	 	41315RBF0	 	 	na	 	nr/AAA	 	S&P AAA	 	etm	 	 	4.74	 
	 	7.000	 	 	 	7.850	 	 	Harris Cty GO 5% due 10/1/25
	 	 	414004U58	 	 	na	 	Aa1/AAA	 	Aa1/AAA/AA+	 	 	 	 	 	 	2.97	 
	 	7.780	 	 	 	8.140	 	 	Harris Cty Hsg 4.95% due 3/1/31
	 	 	414158QM0	 	 	na	 	Aaa/nr	 	Mdy Aaa	 	put 3/1/11	 	 	3.08	 
	 	9.750	 	 	 	10.850	 	 	Horry Cty Sch 5% due 3/1/24
	 	440673yf2	 	FSA	 	Aa1/AAA	 	Aa1/AA/AA+	 	 	 	 	 	 	4.11	 
	 	8.000	 	 	 	9.070	 	 	Houston ISD 5% due 2/15/22
	 	 	442403BU4	 	 	PSF	 	Aaa/AAA	 	Aa2/AA+/AA+	 	 	 	 	 	 	3.43	 
	 	4.500	 	 	 	4.980	 	 	Indiana BdBk 4.50% due 2/1/13
	 	 	4546233M9	 	 	na	 	nr/AAA	 	nr/AAA/AAA	 	 	 	 	 	 	1.88	 
	 	4.895	 	 	 	5.550	 	 	Indianapolis Pub 5% due 8/1/21
	 	 	45528SH25	 	 	na	 	Aa1/AAA	 	Aa1/AAA/AA+	 	 	 	 	 	 	2.10	 
	 	8.000	 	 	 	9.320	 	 	Maryland GO 5% due 7/15/23
	 	 	574192L81	 	 	na	 	Aaa/AAA	 	Aaa/AAA/AAA	 	 	 	 	 	 	3.53	 
	 	8.000	 	 	 	9.250	 	 	Massachusetts Wtr 5.25% due 8/1/13
	 	 	57604PNS9	 	 	na	 	Aaa/AAA	 	Aaa/AAA/AAA	 	 	 	 	 	 	3.50	 
	 	10.000	 	 	 	11.520	 	 	Minnesota GO 5% due 8/1/23
	 	 	604129FQ4	 	 	na	 	Aa1/AAA	 	Aa1/AAA/AAA	 	 	 	 	 	 	4.36	 
	 	5.000	 	 	 	5.620	 	 	Nevada Bond Bk 5% due 12/1/17
	 	 	641460p38	 	 	FSA	 	Aa1/AAA	 	Aa1/AA+/AA+	 	 	 	 	 	 	2.13	 
	 	6.580	 	 	 	7.140	 	 	Port Seattle 5% due 11/1/15
	 	735371hz2	 	FSA	 	Aa1/AAA	 	Aa1/AAA/AA+	 	 	 	 	 	 	2.70	 
	 	7.000	 	 	 	8.200	 	 	Round Rock Sch 5%due 8/1/15
	 	 	7792398f2	 	 	PSF	 	Aaa/AAA	 	Aa1/AA/nr	 	 	 	 	 	 	3.10	 
	 	146.195	 	 	 	164.890	 	 	Total AAA
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	62.39	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	5.000	 	 	 	5.600	 	 	Alaska GO 5% due 8/1/15
	 	 	011770p73	 	 	FSA	 	Aa2/AAA	 	Aa2/AA+/AA	 	 	 	 	 	 	2.12	 
	 	5.000	 	 	 	5.620	 	 	Chicago Trans 5.25% due 6/1/20
	 	 	167723CT0	 	 	AssrdGty	 	Aa2/AAA	 	 	A2/A/A	 	 	 	 	 	 	 	2.13	 
	 	3.590	 	 	 	4.080	 	 	Dallas W&S 5.375% due 10/1/14
	 	 	235416F25	 	 	FSA	 	Aa2/AAA	 	Aa2/AAA/nr	 	pr 4/1/13	 	 	1.54	 
	 	5.000	 	 	 	5.710	 	 	DC Income Tax 5% due 12/1/24
	 	 	25477GBL8	 	 	na	 	Aa2/AAA	 	Aa2/AAA/AA	 	 	 	 	 	 	2.16	 
	 	4.000	 	 	 	4.640	 	 	DC Wtr&Swr 5% due 10/1/20
	 	 	254845ED8	 	 	BHAC	 	Aa2/AAA	 	A1/AA-/A+	 	 	 	 	 	 	1.76	 
	 	5.000	 	 	 	5.460	 	 	Colorado Hlth 5.5% due 9/1/13
	 	 	196474XM7	 	 	na	 	Aa2/AA	 	Aa2/AA	 	pr 9/1/11	 	 	2.07	 
	 	5.660	 	 	 	6.180	 	 	Colorado Hlth 5.5% due 9/1/16
	 	 	196474XQ8	 	 	na	 	Aa2/AA	 	Aa2/AA	 	pr 9/1/11	 	 	2.34	 
	 	6.385	 	 	 	6.730	 	 	King Cty Sch 5.125% due 12/1/20
	 	 	495044PK9	 	 	na	 	Aa1/AA+	 	Aa1/AA+	 	 	 	 	 	 	2.55	 
	 	6.500	 	 	 	6.628	 	 	General Electric Cap 6% Due 8/7/19
	 	 	36962G4D3	 	 	na	 	Aa2/AA+	 	Aa2/AA+	 	 	 	 	 	 	2.51	 
	 	10.000	 	 	 	11.250	 	 	Wal-Mart 5.8% due 2/15/18
	 	 	931142CJ0	 	 	na	 	Aa2/AA	 	Aa2/AA	 	Corp	 	 	4.26	 
	 	56.135	 	 	 	61.898	 	 	Total Aa2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	23.42	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$Par Amt(M)	 	$MV(M) 9/29/09	 	Description	 	Cusip #	 	Insurer	 	Mdy/S&P	 	Underlying	 	Other Inf	 	% Tot MV
	 	5.000	 	 	 	5.780	 	 	Central Puget Sound, WA 5% due 11/1/13
	 	15504rae9	 	AMBAC	 	Aa3/AAA	 	Aa3/AAA/nr	 	 	2.19	 	 	 	 	 
	 	8.000	 	 	 	8.990	 	 	Chicago GO 5.25% due 1/1/17
	 	 	1674843r3	 	 	FSA	 	Aa3/AAA	 	Aa3/AA/AA	 	 	3.40	 	 	 	 	 
	 	5.000	 	 	 	5.500	 	 	Cook Cty GO 5% due 11/15/24
	 	 	213201QA7	 	 	FSA	 	Aa3/AAA	 	 	A1/A+/A+	 	 	 	2.08	 	 	 	 	 
	 	5.000	 	 	 	5.940	 	 	Dallas RapTran 5% due 12/1/19
	 	 	235241LQ7	 	 	na	 	Aa3/AAA	 	Aa3/AAA/nr	 	 	2.25	 	 	 	 	 
	 	5.000	 	 	 	5.660	 	 	Illinois GO 5.375% due 12/1/16
	 	 	452151GR8	 	 	FSA	 	Aa3/AAA	 	A1/AA-/A	 	 	2.14	 	 	 	 	 
	 	5.000	 	 	 	5.620	 	 	Illinois Tolls 5% due 1/1/18
	 	452252av1	 	FSA	 	Aa3/AAA	 	Aa3/AA-/AA-	 	 	2.13	 	 	 	 	 
	 	33.000	 	 	 	37.490	 	 	Total Aa3
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	14.19	 	 	 	 	 
	 	235.330	 	 	 	264.278	 	 	Overall Totalexv10w1

Exhibit 10.1

EIGHTH AMENDMENT TO CREDIT AGREEMENT

          EIGHTH AMENDMENT TO CREDIT AGREEMENT, dated as of July 15, 2009 (this “Amendment”),
among VISTEON CORPORATION, a Delaware corporation (the “Company”), each subsidiary of the
Company party hereto as a borrower (together with the Company, each a “Borrower” and,
collectively, the “Borrowers”), each other subsidiary of the Company party hereto, FORD
MOTOR COMPANY (the “Lender’’), as sole Lender and Swingline Lender, and THE BANK OF NEW
YORK MELLON (“BNYM”), as Administrative Agent.

W I T N E S S E T H:

          WHEREAS the Borrowers, the Lenders party thereto, and JPMorgan Chase Bank, N.A.
(“JPMorgan”), as the original Administrative Agent, Issuing Bank and original Swingline
Lender, have entered into that certain Credit Agreement, dated as of August 14, 2006, as amended,
supplemented or modified by that certain First Amendment to Credit Agreement and Consent, dated as
of November 27, 2006, that certain Second Amendment to Credit Agreement and Consent, dated as of
April 10, 2007, that certain Third Amendment to Credit Agreement, dated as of March 12, 2008, that
certain Fourth Amendment and Limited Waiver to Credit Agreement and Amendment to Security
Agreement, dated as of March 31, 2009, that certain Fifth Amendment to Credit Agreement dated as
of May 13, 2009, that certain Sixth Amendment to Credit Agreement dated as of May 13, 2009, and
that certain Seventh Amendment to Credit Agreement dated May 21, 2009 (as so amended, supplemented
or modified, the “Credit Agreement”); capitalized terms used herein and not otherwise
defined shall have the respective meanings assigned to such terms in the Credit Agreement;

          WHEREAS, the Lender has appointed BNYM as the successor Administrative Agent and JPMorgan has
assigned and transferred its rights and duties as Administrative Agent to BNYM, and BNYM has
accepted and assumed those rights and duties, pursuant to a Successor Agent Agreement dated July 15,
2009; and

          WHEREAS, the Borrowers, the Lender and the Swingline Lender desire to, and the Lender has
directed the Administrative Agent to, amend the Credit Agreement as provided for herein on the
terms and subject to the conditions set forth herein.

          NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto hereby agree as follows:

ARTICLE I

AMENDMENTS

          Section 1.1 Amendments to Section 1.01. Section 1.01 of the Credit Agreement is
hereby amended as follows:

               (a) The following new defined terms are hereby inserted in proper alphabetical
order:

     “BNYM” means The Bank of New York Mellon, a New York banking corporation, in
its individual capacity, and its successors.

 

 

               (b) The following defined terms are hereby amended and restated as
follows:

     “Fee Letter” means that certain Fee Letter, dated as of July 15, 2009,
between the Company and BNYM.

     “Prime Rate” means the rate of interest per annum publicly announced from time
to time by BNYM as its prime rate; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective.

     “Term Loan Facility” means the Credit Agreement, dated as of June 13, 2006,
among the Company, the lenders party thereto, Wilmington Trust FSB (as successor-in-interest to JPMorgan), a federal savings bank, as administrative agent, and
the other agents party thereto, as amended, restated, supplemented or modified from time
to time.

          Section 1.2 Amendment to Section 2.01 (b). Section 2.01 (b) of the Credit Agreement
is hereby amended in its entirety to read as follows:

          “(b) [RESERVED].”

          Section 1.3 Amendment to Article VIII. Article VIII of the Credit Agreement is hereby
amended by adding the following paragraphs immediately after the third paragraph of such Article
VIII (and, for the avoidance of doubt, the existing paragraphs four through nine of such Article
VIII shall become paragraphs fifteen through twenty):

     “The Administrative Agent will not be required to take any action that is contrary to
applicable law or any provision of this Agreement or the other Loan Documents. The
Administrative Agent may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents, attorneys, accountants,
appraisers or other experts or advisors selected by it in good faith as it may reasonably
require and will not be responsible for any misconduct or negligence on the part of any of
them, so long as they are appointed with due care.

     No provision of this Agreement or any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby
shall require the Administrative Agent to: (A) expend or risk its own funds or provide
indemnities in the performance of any of its duties hereunder or the exercise of any of its
rights or power or (B) otherwise incur any financial liability in the performance of its
duties or the exercise of any of its rights or powers except for such liability, if any,
arising out of the Administrative Agent’s gross negligence or willful misconduct in the
performance of its duties hereunder as determined by a final non-appealable judgment of a
court of competent jurisdiction.

     The Administrative Agent shall not be responsible for (A) perfecting, maintaining,
monitoring, preserving or protecting the security interest or Lien granted under this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, (B) the filing, re-filing, recording, re-recording or continuing or any document,
financing statement, mortgage, assignment, notice, instrument of further assurance or other
instrument in any public office at any time or times or (C) providing, maintaining,
monitoring or preserving insurance on or the payment of taxes with respect to any of the
Collateral. Lenders shall be responsible for assuring themselves with respect to the
completion or satisfaction of the actions described in items (A) through (C) whether carried
out by Borrowers or Lenders.

-2-

 

     The Administrative Agent shall not be required to qualify in any jurisdiction in which it
is not presently qualified to perform its obligations as Administrative Agent.

     The Administrative Agent shall not be responsible or liable for any failure or delay in
the performance of its obligations under this Agreement or the other Loan Documents arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and
other military disturbances; sabotage; epidemics; riots; business interruptions; loss or
malfunctions of utilities, computer (hardware or software) or communication services;
accidents; labor disputes; acts of civil or military authority and governmental action.

     Subject to Section 8.2 of the Security Agreement, beyond the exercise of reasonable care in
the custody of the Collateral in its possession, the Administrative Agent will have no duty as to
any Collateral in its possession or control or in the possession or control of any agent or bailee
or any income thereon or as to preservation of rights against prior parties or any other rights
pertaining thereto and the Administrative Agent will not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral.
Subject to Section 8.2 of the Security Agreement, the Administrative Agent will be deemed to have
exercised reasonable care in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which it accords its own property, and the
Administrative Agent will not be liable or responsible for any loss or diminution in the value of
any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other
agent or bailee selected by the Administrative Agent in good faith.

     The Administrative Agent will not be responsible for the existence, genuineness or value
of any of the Collateral or for the validity, perfection, priority or enforceability of the
Liens in any of the Collateral, whether impaired by operation of law or by reason of any
action or omission to act on its part hereunder, except to the extent such action or omission
constitutes gross negligence, bad faith or willful misconduct on the part of the
Administrative Agent, as determined by a court of competent jurisdiction in a final,
nonappealable order, for the validity or sufficiency of the Collateral or any agreement or
assignment contained therein, for the validity of the title of any grantor to the Collateral,
for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon
the Collateral or otherwise as to the maintenance of the Collateral. The Administrative Agent
hereby disclaims any representation or warranty to the present and future holders of the
Obligations concerning the perfection of the Liens granted hereunder or in the value of any of
the Collateral.

     In the event that the Administrative Agent is required to acquire title to an asset for
any reason, or take any managerial action of any kind in regard thereto, in order to carry out
any fiduciary or trust obligation for the benefit of another, which in the Administrative
Agent’s sole discretion may cause the Administrative Agent to be considered an “owner or
operator” under any environmental laws or otherwise cause the Administrative Agent to incur, or
be exposed to, any environmental liability or any liability under any other federal, state or
local law, the Administrative Agent reserves the right, instead of taking such action, either
to resign as Administrative Agent or to arrange for the transfer of the title or control of the
asset to a court appointed receiver. The Administrative Agent will not be liable to any person
for any Environmental Liability or any environmental claims or contribution actions under any
federal, state or local law, rule or regulation by reason of the Administrative Agent’s actions
and conduct as authorized, empowered and directed hereunder or relating to any kind of
discharge or release or threatened discharge or release of any hazardous materials into the
environment.

-3-

 

     The Administrative Agent has accepted and is bound by the Loan Documents executed
by the Administrative Agent as of the date of this Agreement (including, without
limitation, the
Fee Letter) and, as directed in writing by the Required Lenders, the Administrative
Agent shall
execute additional Loan Documents delivered to it after the date of this Agreement;
provided,
however, that such additional Loan Documents do not adversely affect the rights,
privileges,
benefits and immunities of the Administrative Agent. The Administrative Agent will
not
otherwise be bound by, or be held obligated by, the provisions of any credit agreement,
indenture
or other agreement governing the Obligations (other than this Agreement, the Fee Letter
and the
other Loan Documents to which the Administrative Agent is a party).

     The Administrative Agent may at any time solicit written confirmatory
instructions from the Required Lenders or an order of a court of competent
jurisdiction, as to any action that it may be requested or required to take, or
that it may propose to take, in the performance of any of its obligations under
this Agreement or the other Loan Documents.”

          Section 1.4 Amendment to Section 9.01 (a). Section 9.01 (a) of the
Credit Agreement is hereby amended in its entirety to read as follows:

     “(a) Except in the case of notices and other communications expressly
permitted to be given by telephone (and subject to paragraph (b) below), all
notices and other communications provided for herein shall be in writing (including
by telecopy) and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by facsimile, as follows:

	 	(i)	 	if to any Borrower, to the Borrower Representative at:
	 
	 	 	 	Visteon Corporation 

One Village Center Drive 

Van Buren Township, MI 48111 

Attention: Treasurer 

Facsimile No: 734-736-5563

	 
	 	 	 	with a copy to:
	 
	 	 	 	Kirkland & Ellis LLP

300 N. LaSalle

Chicago, IL 60654

Attention: Linda K. Myers, P.C.

Facsimile No: 312-862-2200
	 
	 	(ii)	 	if to the Issuing Bank, to:
	 
	 	 	 	JPMorgan Chase Bank, N.A. at:

Loan and Agency Services Group

111 Fannin Street

10th Floor

Houston, TX 77002

Attention: Andrew Perkins

Facsimile No: 713-750-2223
	 
	 	 	 	and at:

-4-

 

	 	 	 	270 Park Avenue

4th Floor

New York, NY 10017

Attention: Robert Kellas 

Facsimile No: 212-270-5100
	 
	 	 	 	with a copy to:
	 
	 	 	 	Skadden, Arps, Slate, Meagher & Flom LLP

333 West Wacker Drive

Suite 1400

Chicago, IL 60606

Attention: Seth E. Jacobson

Facsimile No: 312-407-0411
	 
	 	(iii)	 	if to the Lender, or the Swingline Lender, to:
	 
	 	 	 	Ford Motor Company 

5500 Auto Club Drive

Mail Drop 415-3E462

Dearborn, MI 48126

Attention: William R. Strong 

Facsimile No: (313) 206-7044
	 
	 	 	 	and:
	 
	 	 	 	Ford Motor Company

Office of the General Counsel

1 American Road, Suite 323WHQ

Dearborn, MI 48126

Attention: Daniella Saltz 

Facsimile No: (313) 337-3209
	 
	 	 	 	with a copy to:
	 
	 	 	 	Miller Canfield Paddock and Stone PLC

150 West Jefferson, Suite 2500

Detroit, MI 48226

Attention: Stephen LaPlante

Facsimile No: (313) 496-7500
	 
	 	(iii)	 	if to the Administrative Agent:
	 
	 	 	 	The Bank of New York Mellon

600 East Las Colinas Blvd., Suite 1300

Irving, Texas 75039

Attention: Melinda Valentine

Facsimile No: (972) 401-8567
	 
	 	 	 	with copy to:

-5-

 

	 	 	 	Emmet Marvin & Martin LLP

120 Broadway

32nd Floor

New York, New York 10271

Attention: Ms. Elizabeth M. Clark

Facsimile No: (212) 238-3100
	 
	 	(iv)	 	if to any other Lender, to it at its address or
facsimile number set forth in its Administrative Questionnaire.

All such notices and other communications (i) sent by hand or overnight courier service
shall be deemed to have been duly given or made when delivered, (ii) mailed by certified or
registered mail, shall be deemed to have been given three Business Days after being
deposited in the mail or (iii) sent by facsimile shall be deemed to have been given when
received, provided that any notice or demand to or upon the Administrative Agent,
the Issuing Bank or the Lenders pursuant to Sections 2.02 through 2.08 shall not be
effective until received.”

          Section 1.5 Amendment to Section 9.03. Section 9.03 of the Credit Agreement is hereby
amended by deleting clauses (b) and (c) and replacing such clauses in their entirety with the
following:

     “(b) The Borrowers shall, jointly and severally, indemnify the Administrative Agent,
the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each
such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any
and all losses, claims, damages, penalties, liabilities and related expenses, including the fees,
charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of
the Loan Documents or any agreement or instrument contemplated thereby, the performance by the
parties hereto of their respective obligations thereunder or the consummation of the Transactions
or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the
proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Materials of Environmental Concern on or from any property owned or operated by
any Borrower or any of their Subsidiaries, or any Environmental Liability related in any way to
any Borrower or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto (all the foregoing in
this Section 9.03 (b), “Indemnified Liabilities”); provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such Indemnified Liabilities are determined by a court
of competent jurisdiction by final and nonappealable judgment to have (a) resulted from the gross
negligence, bad faith or willful misconduct of such Indemnitee, (b) resulted from the breach of
such Indemnitee (other than The Bank of New York Mellon in its capacity as the Administrative
Agent and its Related Parties) of its obligations under any Loan Document, or (c) arisen from a
dispute solely between the Lenders and not involving the Administrative Agent (in its capacity as
such in any manner) or the Borrower; provided, further, that such reimbursement
obligations shall
be limited to one counsel for the Administrative Agent (which shall be selected by the
Administrative Agent) and one counsel for the Lenders (and, to the extent necessary as
determined by the Administrative Agent, one or more local counsel) unless there is a conflict of
interest with respect to a particular Indemnitee, in which case such Indemnitee shall be
reimbursed for its own counsel. Without limiting the foregoing, and to the extent permitted by

-6-

 

applicable law, each Borrower agrees not to assert and to cause its Subsidiaries not to assert, and
each Borrower hereby waives and agrees to cause its Subsidiaries to waive, all rights for
contribution or any other rights of recovery with respect to all claims, demands, penalties, fines,
liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or
related to Environmental Laws, that any of them might have by statute or otherwise
against any
Indemnitee. If any suit, action, proceeding, claim or demand shall be brought or asserted against
any Indemnitee (other than the Administrative Agent, the Issuing Bank and each of their Related Parties) with respect to the matters covered by the Borrowers’ indemnification in this Agreement,
(i) such Indemnitee shall promptly notify the Borrower Representative thereof and (ii) to the
extent not precluded by a conflict of interest or other duties binding on it, such
Indemnitee shall
work cooperatively with the Borrower Representative with a view toward minimizing the legal
and other expenses associated with any defense and any potential settlement or judgment, which
cooperation shall include (A) the use of a single counsel selected by such Indemnitee and
reasonably acceptable to the Borrower Representative (so long as such Indemnitee, in its
reasonable judgment, does not believe that the use of a single counsel is not reasonably
practicable or, based on the advice of counsel, disadvantageous from a legal perspective) and (B)
regular consultation with the Borrower Representative (and, to the extent a single counsel is not
used, its counsel) upon the reasonable request of the Borrower Representative with regard to the
management of any litigation and the negotiation of any potential settlement, in order to afford
the Borrower Representative (and, to the extent a single counsel is not used, its counsel)
reasonable opportunities to participate in the consideration of material decisions with respect
thereto.

     (c) Each Lender severally agrees to indemnify the Administrative Agent, the Issuing
Bank and each of its Related Parties (each, an “Indemnitee Agent Party”), to the
extent that such Indemnitee Agent Party shall not have been reimbursed by the Borrowers,
for and against any and all claims, liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or
disbursements of any kind or nature whatsoever which may be imposed on, incurred by or
asserted against such Indemnitee Agent Party in exercising its powers, rights and
remedies or performing its duties hereunder or under the other Loan Documents or
otherwise in its capacity as such Indemnitee Agent Party in any way relating to or
arising out of this Agreement or the other Loan Documents, IN ALL CASES, WHETHER OR NOT
CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE
NEGLIGENCE OF THE ADMINISTRATIVE AGENT OR ISSUING BANK, as applicable, provided, no
Lender shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from
such Indemnitee Agent Party’s gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final, nonappealable order. If any indemnity
furnished to any Indemnitee Agent Party for any purpose shall, in the opinion of such
Indemnitee Agent Party, be insufficient or become impaired, such Indemnitee Agent Party
may call for additional indemnity and cease, or not commence, to do the acts indemnified
against until such additional indemnity is furnished; provided this sentence shall not be
deemed to require any Lender to indemnify any Indemnitee Agent Party against any
liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or
disbursement described in the proviso in the immediately preceding sentence. Each
Lender acknowledges and agrees that for the purposes of this Section 9.03, whenever the
Administrative Agent is entitled to retain counsel, such counsel shall be of the
Administrative Agent’s own selection and, to the extent such fees and expenses are not
paid by the Borrowers in accordance with this Section 9.03, the fees and expenses of that
counsel shall be within the indemnification provided under this Section (c).”

-7-

 

ARTICLE II

CONDITIONS TO CLOSING

          This Amendment shall become effective when the Borrowers, the Administrative Agent and
the Required Lenders have delivered a duly executed counterpart of this Amendment to the
Administrative Agent.

ARTICLE III

MISCELLANEOUS

          Section 3.1 Effect of Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or
otherwise affect the rights and remedies of the Administrative Agent or any Lender under
the Loan Documents, and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Loan Documents, all of
which are ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle the Borrowers to consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Loan Documents in similar or different
circumstances. All references to the Issuing Bank in the Loan Documents shall continue to
refer to JPMorgan. This Amendment is a Loan Document executed pursuant to the Credit
Agreement and shall be construed, administered and applied in accordance with the terms and
provisions thereof. This Amendment shall constitute an amendment only and shall not
constitute a novation with regard to the Credit Agreement or any other Loan Document.

          Section 3.2 No Representations by Lender or Administrative Agent. The Borrowers
hereby acknowledge that they have not relied on any representation, written or oral, express
or implied, by the Lender or the Administrative Agent, other than those expressly contained
herein, in entering into this Amendment.

          Section 3.3 Representations of the Borrowers. Each Borrower represents and
warrants to
the Administrative Agent and the Lender that

     (a) the representations and warranties set forth in the Loan Documents (including with respect
to this Amendment and the Credit Agreement as amended hereby) are true and correct in all
material respects on and as of the date hereof with the same effect as though made on the
date hereof, except to the extent that such representations and warranties expressly relate
to an earlier date, in which event such representations and warranties were true and correct
in all material respects as of such date, and except that the Borrowers make no
representation (i) as to the continued accuracy of the representation and warranty contained
in Section 3.02 of the Credit Agreement and (ii) with respect to the second sentence of
Section 3.07 of the Credit Agreement, the Specified Default (as defined in the Fourth
Amendment and Limited Waiver),

     (b) other than the Specified Default (as defined in the Fourth Amendment and Limited
Waiver)
and the Events of Default described on Schedule I to this Amendment (the
“Additional Specified
Defaults”), no Default or Event of Default has occurred and is continuing,

     (c) the execution, delivery and performance of this Amendment and the performance of
the Credit Agreement as modified by this Amendment will not violate any provision of law,
any order of any court or other agency of government, the formation or governing documents
of any Borrower or any of its Subsidiaries, or any provision of any indenture, note,
agreement or other instrument to which any

-8-

 

Borrower or any of its Subsidiaries is a party, or by which it or any of its properties or assets are bound,
and the court in which the Bankruptcy Proceeding (as defined on Schedule I to this Amendment) is
continuing has issued orders that grant the Borrowers the authority to execute and deliver this
Amendment, and those orders remain in effect on the date hereof,

     (d) the execution, delivery and performance of this Amendment and the performance of the
Credit Agreement as modified by this Amendment will not be in conflict with, result in a breach of
or constitute (with or without notice or passage of time) a default under any such indenture,
note, agreement or other instrument, and

     (e) this Amendment constitutes, and any of the documents required herein will constitute
upon execution and delivery, legal, valid, and binding obligations of each Borrower and each
of their Subsidiaries party hereto or thereto, each enforceable in accordance with its 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).

          Section 3.4 Borrower Representative. The Borrowers hereby agree that the
Successor Agent Agreement dated as of even date herewith, by and among JPMorgan, BNYM, Lender,
and the Company is deemed to be a Loan Document as defined in the Credit Agreement, and the
Company, as the Borrower Representative, has the authority to enter into such Successor Agent
Agreement on behalf of the Borrowers.

          Section 3.5 Successors and Assigns. This Amendment shall be binding upon the
parties hereto and their respective successors and assigns and shall inure to the benefit of
the parties hereto and the successors and assigns of the Lender and the Administrative Agent.

          Section 3.6 Headings; Entire Agreement. The headings and captions hereunder are
for convenience only and shall not affect the interpretation or construction of this
Amendment. This Amendment contains the entire understanding of the parties hereto with regard
to the subject matter contained herein and supersedes all previous communications and
negotiations with regard to the subject matter hereof. No representation, undertaking,
promise, or condition concerning the subject matter hereof shall be binding upon the
Administrative Agent or any other Secured Party unless clearly expressed in this Amendment or
in the other documents referred to herein. No agreement which is reached herein shall give
rise to any claim or cause of action except for breach of the express provisions of a legally
binding written agreement.

          Section 3.7 Severability. The provisions of this Amendment are intended to be
severable. If for any reason any provision of this Amendment 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 unenforceability without in
any manner affecting the validity or enforceability thereof in any other jurisdiction or the
remaining provisions hereof in any jurisdiction.

          Section 3.8 Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument, and
any party hereto may execute this Amendment by signing any such counterpart. Delivery of an
executed counterpart of a signature page to this Amendment by facsimile or email with an
attached signature page in Adobe pdf format shall be effective as delivery of a manually
executed counterpart of this Amendment.

          Section 3.9 Costs and Expenses. Subject to the terms set forth in Section 9.03
of the Credit Agreement, the Borrowers agree, jointly and severally, to reimburse the
Administrative Agent for

-9-

 

reasonable, documented out of pocket expenses incurred by the Administrative Agent and its
Affiliates,
including the reasonable documented fees and other reasonable charges and disbursements of one
counsel
for the Administrative Agent (and such other local and foreign counsel as shall be reasonably
required), in
connection with this Amendment.

          Section 3.10 Governing Law. The whole of this Amendment and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance
with the laws
of the State of New York.

[Remainder of this page is intentionally left blank.]

-10-

 

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

	 	 	 	 	 
	 	BORROWERS:

VISTEON CORPORATION

 	 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P.  Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	ARS, INC.

 	 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	FAIRLANE HOLDINGS, INC.

 	 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title: Assistant Treasurer 	 
	 
	 	GCM/VISTEON AUTOMOTIVE SYSTEMS, LLC

 	 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P.  Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	GCM/VISTEON AUTOMOTIVE LEASING SYSTEMS, LLC

 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	HALLA CLIMATE SYSTEMS ALABAMA CORP.

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	INFINITIVE SPEECH SYSTEMS CORP.

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis  	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON REMANUFACTURING, INCORPORATED

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	SUNGLAS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer  	 
	 
	 	VC AVIATION SERVICES, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VC REGIONAL ASSEMBLY & MANUFACTURING, LLC

 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	VISTEON AC HOLDINGS CORP.

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P.  Lewis  	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON CLIMATE CONTROL SYSTEMS LIMITED

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON DOMESTIC HOLDINGS, LLC

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON FINANCIAL CORPORATION

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON GLOBAL TECHNOLOGIES, INC.

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON GLOBAL TREASURY, INC.

 	 
	 	By  	/s/  Michael P.  Lewis
 	 
	 	 	Name:  	Michael P.  Lewis  	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	VISTEON INTERNATIONAL BUSINESS
DEVELOPMENT, INC.

 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON LA HOLDINGS CORP.

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON SYSTEMS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON TECHNOLOGIES, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	TYLER ROAD INVESTMENTS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	MIG-VISTEON AUTOMOTIVE SYSTEMS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	OASIS HOLDINGS STATUTORY TRUST

By: U.S. Bank National Association (successor to State Street Bank and Trust Company of Connecticut, National Association), not in its individual capacity, but solely as trustee

 	 
	 	By  	/s/ David W. Doucette
 	 
	 	 	Name:  	David W. Doucette 	 
	 	 	Title:  	Vice President 	 
	 
	 	OTHER GRANTORS:

VISTEON ASIA HOLDINGS, INC.

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON AUTOMOTIVE HOLDINGS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON EUROPEAN HOLDINGS CORPORATION

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 
	 	VISTEON HOLDINGS, LLC

 	 
	 	By  	/s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P.  Lewis  	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	VISTEON INTERNATIONAL HOLDINGS, INC.

 	 
	 	By  	/s/ Michael P.  Lewis
 	 
	 	 	Name:  	Michael P.  Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON 

as Administrative Agent

 	 
	 	By  	/s/ Melinda Valentine
 	 
	 	 	Name:  	Melinda Valentine 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	FORD MOTOR COMPANY, as Lender

 	 
	 	By  	/s/ Michael L. Seneski
 	 
	 	Name:  Michael L. Seneski	 	 
	 	Title:  Assistant Treasurer	 
	 

[SIGNATURE PAGE TO EIGHTH AMENDMENT TO CREDIT AGREEMENT]

 

 

Schedule I

1. The Default and Event of Default arising from the Borrowers filing of a petition to commence the
proceeding entitled In re: Visteon Corporation, et al., Case No. 09-11786 (CSS) (“Bankruptcy
Proceeding”).

2. The Default and Event of Default arising under Article VII(c), (f) and (g) from Borrowers’
failure
to comply with Sections 3.02, 3.07 and 4.02(b) of the Credit Agreement.

3. The Default and Event of Default arising under Article VII(g) from Borrowers’ failure to comply
with the terms of the Term Loan Facility Documents due to their commencement of the Bankruptcy
Proceeding.

3. Any Defaults and/or Events of Default that have arisen or would otherwise arise under the Loan
Documents as a result of the occurrence and continuance of the Additional Specified Defaults
(including, without limitation (A) failure to provide proper notice of such Additional Specified
Defaults, (B) breach of any representations or warranties related thereto and (C) any cross
default to the Term Loan Facility Documents related thereto).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]