Document:

Exhibit

Exhibit 10(b)-5

EXECUTION VERSION

FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of March 16, 2018 (this “Amendment”), to the Existing Credit Agreement (as defined below) is made by PPL CAPITAL FUNDING, INC., a Delaware corporation (the “Borrower”), PPL CORPORATION, a Pennsylvania corporation (the “Guarantor”) and each Lender (such capitalized term and other capitalized terms used in this preamble and the recitals below to have the meanings set forth in, or are defined by reference in, Article I below).
W I T N E S S E T H:
WHEREAS, the Borrower, the Guarantor, the Lenders and The Bank of Nova Scotia, as the Administrative Agent, Sole Lead Arranger and Sole Bookrunner, are all parties to the Revolving Credit Agreement, dated as of March 26, 2014 (as amended or otherwise modified prior to the date hereof, the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and
WHEREAS, the Borrower has requested that the Lenders amend the Existing Credit Agreement in order to extend the maturity date therein and the Lenders are willing to modify the Existing Credit Agreement on the terms and subject to the conditions hereinafter set forth;
NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:
ARTICLE I 
DEFINITIONS
SECTION 1.1.  Certain Definitions.  The following terms when used in this Amendment shall have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof):
“Amendment” is defined in the preamble.
“Borrower” is defined in the preamble.
“Credit Agreement” is defined in the first recital. 
“Existing Credit Agreement” is defined in the first recital.
“Guarantor” is defined in the preamble.

SECTION 1.2.  Other Definitions.  Terms for which meanings are provided in the Existing Revolving Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings.
ARTICLE II 
AMENDMENTS TO THE EXISTING CREDIT AGREEMENT

Effective as of the date hereof, but subject to the satisfaction of the conditions in Article III, 
(a)    The recitals of the Existing Credit Agreement are hereby amended and restated in their entirety as follows:
“The Loan Parties (as hereinafter defined) have requested that the Lenders provide a revolving credit facility in an aggregate principal amount, subject to Section 2.19, not to exceed $100,000,000.  In consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto covenant and agree as follows:”.
(b)    Section 1.1 of the Existing Credit Agreement is hereby amended by amending and restating the following definitions in their entirety as follows:
““Change of Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d‐3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended) of 25% or more of the outstanding shares of Voting Stock of the Guarantor or its successors or (ii) the failure at any time of the Guarantor or its successors to own, directly or indirectly, 80% or more of the outstanding shares of the Voting Stock in the Borrower.”; and
 ““Termination Date” means the earliest to occur of (i) March 15, 2019 and (ii) such earlier date upon which all Commitments shall have been terminated in their entirety in accordance with this Agreement.”.
(c)    Sections 5.04(a), 5.04(c), 5.05 and 5.13 of the Existing Credit Agreement are hereby amended by replacing references to “December 31, 2016” with “December 31, 2017”. 
(d)    Appendix A of the Existing Credit Agreement is hereby amended and restated in its entirety as set forth on Schedule I of this Amendment. 
ARTICLE III 
CONDITIONS TO EFFECTIVENESS
This Amendment and the amendments contained herein shall become effective as of the date hereof when each of the conditions set forth in this Article III shall have been fulfilled to the satisfaction of the Administrative Agent.

SECTION 3.1.  Counterparts.  The Administrative Agent shall have received counterparts hereof executed on behalf of the Borrower, the Guarantor and the each of the Lenders.
SECTION 3.2.  Costs and Expenses, etc.  The Administrative Agent shall have received for the account of each Lender, all fees, costs and expenses due and payable pursuant to Section 9.03 of the Credit Agreement, if then invoiced.
SECTION 3.3.  Resolutions, etc.  The Administrative Agent shall have received from the Borrower and the Guarantor (i) a copy of a good standing certificate for such Loan Party, dated a date reasonably close to the date hereof and (ii) a certificate, dated as of the date hereof, of a Secretary or an Assistant Secretary of each Loan Party certifying (a) that attached thereto is a true, correct and complete copy of (x) the articles or certificate of incorporation of such Loan Party certified by the Secretary of State (or equivalent body) of the jurisdiction of incorporation of such Loan Party and (y) the bylaws of such Loan Party, and (b) that attached thereto is a true, correct and complete copy of resolutions adopted by the board of directors of such Loan Party authorizing the execution, delivery and performance of this Amendment and each other document delivered in connection herewith and that such resolutions have not been amended and are in full force.
SECTION 3.4.  Opinion of Counsel.  The Administrative Agent shall have received an opinion, dated the date hereof and addressed to the Administrative Agent and all Lenders, from counsel to the Borrower, in form and substance satisfactory to the Administrative Agent.
SECTION 3.5.  Satisfactory Legal Form.  The Administrative Agent and its counsel shall have received all information, and such counterpart originals or such certified or other copies of such materials, as the Administrative Agent or its counsel may reasonably request, and all legal matters incident to the effectiveness of this Amendment shall be satisfactory to the Administrative Agent and its counsel.  All documents executed or submitted pursuant hereto or in connection herewith shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel.
ARTICLE IV 
MISCELLANEOUS
SECTION 4.1.  Cross-References.  References in this Amendment to any Article or Section are, unless otherwise specified, to such Article or Section of this Amendment.
SECTION 4.2.  Loan Document Pursuant to Existing Credit Agreement.  This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement, as amended hereby, including Article IX thereof.
SECTION 4.3.  Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

SECTION 4.4.  Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which when executed and delivered shall be an original and all of which shall constitute together but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 4.5.  Governing Law.  THIS AMENDMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5‐1401 AND 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
SECTION 4.6.  Full Force and Effect; Limited Amendment.  Except as expressly amended hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Existing Credit Agreement and the Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms.  The amendments set forth herein shall be limited precisely as provided for herein to the provisions expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Existing Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of any Obligor which would require the consent of the Lenders under the Existing Credit Agreement or any of the Loan Documents.
SECTION 4.7.  Representations and Warranties.  In order to induce the Lenders to execute and deliver this Amendment, the Borrower and Guarantor each hereby represents and warrants to the Lenders, on the date this Amendment becomes effective pursuant to Article III, that both before and after giving effect to this Amendment, all representations and warranties set forth in Article V of the Credit Agreement are true and correct as of such date, except to the extent that any such statement expressly relates to an earlier date (in which case such statement was true and correct on and as of such earlier date).

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.

	
					
	 
	PPL CAPITAL FUNDING, INC., as the Borrower

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Tadd J. Henninger

	 
	 
	Name:
	Tadd J. Henninger

	 
	 
	Title:
	Vice President and Treasurer

	
					
	 
	PPL CORPORATION, as the Guarantor

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Tadd J. Henninger

	 
	 
	Name:
	Tadd J. Henninger

	 
	 
	Title:
	Vice President and Treasurer

	
					
	 
	THE BANK OF NOVA SCOTIA, as the Administrative Agent and as a Lender

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Nick Giarratano

	 
	 
	Name:
	Nick Giarratano

	 
	 
	Title:
	Director

 

Schedule I

Appendix A

COMMITMENTS 

	
							
	Lender
	 
	Commitment
	 
	Applicable 
Percentage

	The Bank of Nova Scotia
	 
	$
	100,000,000.00
	 
	100.000000000
	%

	Total
	 
	$
	100,000,000.00
	 
	100.000000000
	%Exhibit

Exhibit 10(kk)-3

	
		
	

PERSONAL
Mr P Swift
The Old Rectory 
St Johns Road 
Slimbridge
GL2 7BJ

	Chief Executive's Office

Avonbank 
Feeder Road 
Bristol 
BS2 0TB

Telephone  0117 933 2000
Fax  0117 933 2022

	
				
	our ref 
	Your ref 
	Extension
	Date

	RS
	 
	 
	2 March 2016

Dear Phil

Your Pension Arrangements

		
	1
	Introduction

		
	1.1
	You are currently a Contributing Member of the Western Power Distribution Group (the "Group") of the Electricity Supply Pension Scheme ("ESPS").

		
	1.2 
	The Finance Bill 2016 will, once passed, enact changes in the tax regime to take effect from 6 April 2016.  These changes include the reduction of the standard lifetime allowance to £1 million.  As you know, there is a lifetime allowance charge on benefits in excess of the lifetime allowance.  In response to this change, it has been agreed that your pension arrangements with the Company should be restructured with effect from 2 March 2016.

		
	1.3
	This letter sets out the terms of the arrangements that will apply between us with effect from 2 March 2016, including death in service benefits.

		
	2
	Individual Protection 2014

		
	2.1
	You gave notice to HM Revenue & Customs of your intention to rely on individual protection 2014 on 8 April 2015.  Accordingly you have a personalised lifetime allowance based on the value of your pension savings on 5 April 2014 up to a maximum of £1.5 million.

		
	3
	Withdrawal from Contributory Membership of the ESPS

		
	3.1
	It is a condition of the arrangements that:

		
	(a)
	you will withdraw from Membership of the ESPS as a Contributor with effect from 23:59 on 2 March 2016;

		
	(b)
	you will not be entitled to rejoin the ESPS as a Contributor whilst you are in the Service of the Company without the agreement of the Company; and

		
	(c)
	you agree that if any of your Benefits become chargeable to the lifetime allowance charge under the Finance Act 2004, the charge shall be borne by you or the recipient of the Benefits and should accordingly be deducted by the Group Trustees from the Benefits in accordance with normal actuarial practice.

		
	4
	No Accrual of Benefits after 2 March 2016

		
	4.1
	You will not accrue Benefits under the ESPS in respect of your Service with the Company after 2 March 2016.  However, as set out in paragraph 5.2, your Benefits accrued up to and including 2 March 2016 will be calculated on your retirement from or cessation of Service with the Company using the Pensionable Salary that would have been applicable to you on your retirement from or cessation of Service with the Company if you had remained as a Contributor in Service with the Company up to that time.

		
	4.2
	Instead an annual amount will be payable to you, which will be a fixed percentage of your salary and annual bonuses.  This will be set out in your Service Agreement and will be non-pensionable for the purposes of the ESPS. It will only be payable during your employment for so long as you are not a Contributor to the ESPS.

		
	5
	Benefits Accrued by Service up to and including 2 March 2016

		
	5.1 
	You will have withdrawn from Membership as a Contributor with effect from 23:59 on 2 March 2016 and thus become entitled to Frozen Benefits under the ESPS calculated on the basis set out in the Rules of the ESPS as if you had left the ESPS without leaving the Company's employment on 2 March 2016.

		
	5.2
	However, pursuant to the special terms made under Rule 32 and described in this letter, your entitlement to Benefits under the ESPS (including the terms on which they are granted and any discretions exercised) will continue to be determined in accordance with the Rules of the ESPS as if you remained a Contributor in Service for so long as you remain in Service with the Company, subject to the remaining terms of this letter (notably paragraph 5.3).  In particular, your Benefits will be calculated on your retirement from or cessation of Service with the Company using the Pensionable Salary that would have been applicable to you on your retirement from or cessation of Service with the Company if you had remained as a Contributor in Service with the Company up to that time.

		
	5.3
	Your Benefits under the ESPS will be determined only with reference to your Contributory Service accrued as at the end of 2 March 2016, and no Contributory Service shall be accrued by or credited in respect of you after that date.

		
	5.4
	You will be entitled to your Frozen Benefits (as in paragraph 5.1) including increases under Rule 26 of the ESPS and actuarial adjustment for early payment if payable before age 63, instead of your Benefits calculated under paragraph 5.2 above, if they are greater than your Benefits calculated under paragraph 5.2 above. 

		
	6
	Benefits on Retirement through Ill-Health

		
	6.1
	For the avoidance of doubt, on retirement through Ill-Health, benefits will be calculated under ESPS based on Contributing Service (but not on prospective service until Normal Pension Age).

		
	7
	Benefits on your Death

		
	7.1
	If you die while in Service with the Company, benefits will be payable as if you had been in Contributing Service immediately prior to your death.

		
	7.2
	For the avoidance of doubt, if you die in Retirement, benefits will be payable in respect of you under the ESPS based on your pension actually in payment immediately prior to your death.

		
	8
	Leaving Service

		
	8.1
	For the avoidance of doubt, if you leave Service before age 63, and your Benefits are not brought into payment immediately, your Benefits will be calculated in accordance with the Rules of the ESPS, subject to paragraph 5 above.

		
	9
	Transfer basis

		
	9.1
	For the avoidance of doubt, if you wish to transfer your Benefits to another registered pension scheme, the transfer value will be calculated on a basis reflecting the cash equivalent of your Benefits as determined by the Actuary.

		
	10
	Salary

		
	10.1
	Your Salary for the purposes of the ESPS (and the special terms as detailed in this letter) shall include any annual bonuses under the Directors' Results Related Bonus Scheme.

		
	11
	Definitions

		
	11.1
	Terms that are defined in Clause 46 of the ESPS shall have the same meanings where used in this letter with initial capitals.

"Company" means Western Power Distribution (South West) plc.

"Service Agreement" means your service agreement dated 13 August 2013 with the Company.

		
	12
	Interpretation

		
	12.1
	In the event of any dispute regarding the interpretation of this letter and its interaction with the ESPS, the decision of the Company shall be final and binding. The terms of this letter are supplemental to the ESPS as applicable to the Western Power Distribution Group, with the intention that the normal Benefits applicable under the ESPS will apply but on the special terms granted by this letter. For the avoidance of doubt:

		
	(a)
	the special terms set out in this letter are not payable in addition to Benefits normally provided under the ESPS to which they correspond but enhance those corresponding Benefits;

		
	(b)
	any Benefits that are based on or calculated with reference to the Member's pension under the ESPS shall in your case be based on or calculated with reference to the pension actually payable to you under the ESPS and as detailed in this letter dated 2 March 2016 (rather than the standard ESPS pension that would have been payable but for this letter).

		
	13
	Acceptance

		
	13.1
	Please acknowledge your receipt of this letter and acceptance of its terms by signing and returning the enclosed copy.  If you have any queries regarding its terms I would be pleased to help, but we do recommend that you take independent legal and financial advice on the contents of this letter.

Yours sincerely

ROBERT SYMONS 
Chief Executive
For and on behalf of Western Power Distribution (South West) plc

	
	
	 

I accept the terms of the above

	
		
	Date
	02-March-2016

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