Document:

Exhibit 10.22
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EXECUTION VERSION
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AMENDMENT NO. 2 TO CREDIT AGREEMENT
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THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 17, 2021 (the “Effective Date”) (subject to Paragraph 7 below) and is made by and among STONERIDGE, INC., an Ohio corporation (the “Parent”), STONERIDGE ELECTRONICS, INC., a Texas corporation (“Electronics”), STONERIDGE CONTROL DEVICES, INC., a Massachusetts corporation (“Controls”), STONERIDGE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands, registered with the Dutch Chamber of Commerce under file number 67928471 (“Stoneridge Netherlands”, and together with the Parent, Electronics and Controls, the “Borrowers”), STONERIDGE AFTERMARKET, INC., an Ohio corporation (“Aftermarket”), ORLACO INC., a Delaware corporation (“Orlaco”), SRI HOLDINGS US LLC, a Delaware limited liability company (“SRI Holdings US”)  and SRI DELAWARE HOLDINGS, LLC, a Delaware limited liability company (“SRI Holdings” and, together with Aftermarket, Orlaco and SRI Holdings US, the “Guarantors”), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as the Administrative Agent (in such capacity, the “Administrative Agent”) under the Agreement (as hereinafter defined).
RECITALS
WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Fourth Amended and Restated Credit Agreement, dated as of June 5, 2019 (as amended, supplemented, modified or restated prior to the date hereof, the “Existing Agreement”, and as amended hereby and as may be further amended, supplemented, modified or restated from time to time, the “Agreement”);
WHEREAS, certain loans and/or other extensions of credit under the Existing Agreement (“Loans”) denominated in Euros and British Pounds (each, an “Impacted Currency” and collectively, the “Impacted Currencies”) incur or are permitted to incur interest, fees, commissions or other amounts based on the London Interbank Offered Rate administered by the ICE Benchmark Administration (“LIBOR”) in accordance with the terms and conditions of the Existing Agreement;
WHEREAS, applicable parties under the Existing Agreement have determined that loans made, continued or converted under the Existing Agreement denominated in Impacted Currencies on or after the Effective Date that would otherwise bear interest based on LIBOR (including, without limitation, any such rate provided on a changed methodology (or “synthetic”) basis), shall be replaced with a successor rate for all purposes under the Agreement and under any other Loan Document, subject to the terms and conditions set forth in this Amendment; and
WHEREAS, the parties hereto are not related within the meaning of Section 267(b) or 707(b)(1) of the Internal Revenue Code of 1986 and have determined, based on bona fide, arm’s length negotiations between the parties, that the fair market value of the Agreement before giving effect to this Amendment is substantially equivalent to its fair market value after giving effect hereto.
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NOW, THEREFORE, 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:
1.Incorporation of Recitals.  The foregoing recitals are incorporated herein by reference as if fully set forth herein.
2.Certain Definitions.  Capitalized terms used herein but not otherwise defined herein (including on Appendix A attached hereto) shall have the meanings assigned to such terms in the Existing Agreement.
3.Amendments.  Notwithstanding any provision of the Existing Agreement or any Loan Document to the contrary, the parties hereto hereby agree that the terms set forth on Appendix A shall apply solely to Loans made, continued or converted in Impacted Currencies from and after the Effective Date.  For the avoidance of doubt, to the extent provisions in the Existing Agreement apply to Loans made in Impacted Currencies and such provisions are not specifically addressed by Appendix A, such provisions in the Existing Agreement shall continue to apply to Loans made in Impacted Currencies from and after the Effective Date.  In the event of a conflict between the terms of this Amendment and the terms of the Existing Agreement or any other Loan Document, the terms of this Amendment shall control with respect to Loans denominated in Impacted Currencies.  For the avoidance of doubt, the provisions of this Amendment will supersede and govern any provisions of the Existing Agreement relating to the unavailability of or inability to ascertain rates or benchmark replacements as they apply to the Impacted Currencies on and after the Effective Date, and the execution and delivery of this Amendment by the Borrowers and the Guarantors shall be deemed to satisfy and discharge any and all requirements under the Existing Agreement for notices to be furnished to the Borrowers or Guarantors in connection with the replacement of any benchmark applicable to Loans denominated in Impacted Currencies, as contemplated by this Amendment.
4.Representations and Warranties.  Each Borrower and each Guarantor hereby represents and warrants that: (a) no Potential Default or Event of Default exists or will exist immediately after giving effect to the transactions contemplated hereby, (b) all representations and warranties of such party contained in the Existing Agreement, in this Amendment and in the other Loan Documents are true and correct in all material respects (without duplication of any materiality qualifiers), (c) the execution, delivery and performance of this Amendment by such party have been duly authorized by all necessary corporate or other organizational action, and (d) this Amendment has been duly executed and delivered by such party.
5.Limitation; Effect of Amendment.  No provision of the Existing Agreement or any other Loan Document is amended or waived in any way other than as provided herein.  Except as set forth expressly herein, all terms of the Existing Agreement and the other Loan Documents shall be and remain in full force and effect and are hereby ratified and confirmed, and shall constitute the legal, valid, binding, and enforceable obligations of the parties thereto.  As of the date hereof, each reference in the Existing Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Existing Agreement (including, without limitation, by means of words like “thereunder,” “thereof”, “therein” and
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words of like import), shall mean and be a reference to the Existing Agreement as amended by this Amendment.  This Amendment constitutes a Loan Document.
6.No Novation or Mutual Departure.  Each Borrower and each Guarantor expressly acknowledges and agrees that there has not been, and this Amendment does not constitute or establish, a novation with respect to the Existing Agreement or any of the Loan Documents, or a mutual departure from the strict terms, provisions, and conditions thereof other than with respect to the amendments in Section 3 of this Amendment.
7.Counterparts; Effectiveness.
(a)This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  The Effective Date of this Amendment, as set forth above, shall be completed by the Administrative Agent as of the date when this Amendment shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts of this Amendment, properly executed by each Borrower and each Guarantor; provided that the Administrative Agent has not received, prior to 5:00 p.m. (New York City time) on the tenth (10th) Business Day after providing this Amendment to the Lenders, written notice of objection to this Amendment from Lenders comprising the Required Lenders.
(b)The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act.  The parties hereto agree that this Amendment may, at the Administrative Agent’s option, be in the form of an electronic record and may be signed or executed using electronic signatures.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed paper signature page which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.
8.Section Headings.  Section headings used in this Amendment are for convenience of reference only and shall not govern the interpretation of any of the provisions of this Amendment.
9.Severability.  The provisions of this Amendment are intended to be severable.  If 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.
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10.Fees and Costs.  Borrowers will pay on demand all out-of-pocket fees, costs, and expenses of Administrative Agent, including but not limited to the fees and expenses of outside counsel, in connection with the preparation, execution, and delivery of this Amendment.
11.Governing Law, Etc.  The terms of the Existing Agreement relating to governing law, submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.
12.Construction.  Reference to this Amendment means this Amendment, together with Appendix A attached hereto.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Amendment as of the day and year first above written.
ATTEST:STONERIDGE, INC.,
as a Borrower
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STONERIDGE CONTROL DEVICES, INC.,
as a Borrower
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STONERIDGE AFTERMARKET, INC.,
as a Guarantor
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ORLACO INC.,
as a Guarantor
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SRI DELAWARE HOLDINGS, LLC,
as a Guarantor
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SRI HOLDINGS US LLC,
as a Guarantor
     By: Stoneridge, Inc., its sole member
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By: /s/ Jonathan B. DeGaynor​ ​​ ​​ ​
Name: Jonathan B. DeGaynor
Title:  President
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STONERIDGE ELECTRONICS, INC.,
as a Borrower
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By: /s/ Matthew R. Horvath​ ​​ ​​ ​
Name: Matthew R. Horvath
Title:   Vice President & Treasurer
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STONERIDGE B.V., as a Borrower
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By: /s/ Jonathan B. DeGaynor​ ​​ ​​ ​
Name: Jonathan B. DeGaynor
Title:  Attorney-in-fact
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[Signature Page to Amendment No. 2]

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PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent
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By: /s/ Scott Neiderheide​ ​​ ​​ ​
Name: Scott Neiderheide
Title:   Senior Vice President
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[Signature Page to Amendment No. 2]

Appendix A
1.Section References.  Unless otherwise specified, section references contained in this Appendix A shall be deemed to refer to sections of this Appendix A.
2.Definitions.  The following terms shall have the following meanings for purposes of this Amendment, including this Appendix A and the provisions contained herein:
“Affected Currency” means each of Euros and British Pounds.
“Applicable Margin” means, with respect to Loans denominated in an Affected Currency, the corresponding percentages per annum as specified below based on the Leverage Ratio then in effect:
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	Level
	Leverage
Ratio
	Revolving Credit Term RFR or Daily Simple RFR Spread

	I
	Less than 1.25 to 1.00
	1.25%

	II
	Greater than or equal to 1.25 to 1.00 but less than 2.00 to 1.00
	1.45%

	II
	Greater than or equal to 2.00 to 1.00 but less than 2.75 to 1.00
	1.70%

	IV
	Greater than or equal to 2.75 to 1.00
	1.90%

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For the avoidance of doubt, the provisions in the Existing Agreement relating to the calculation of the Applicable Margin remain unchanged except to the extent of the modifications provided above.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Affected Currency, as applicable, (x) if the then-current Benchmark for such Affected Currency is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark for such Affected Currency, as applicable, pursuant to this Agreement as of such date.  For the avoidance of doubt, the Available Tenor for the Daily Simple RFR is one month.
“Benchmark” means, initially, with respect to any Obligations, interest, fees, commissions, or other amounts denominated in, or calculated with respect to Affected Currencies, the Daily Simple RFR or Term RFR applicable for such Affected Currency, and includes any replacement for such Benchmark implemented in accordance with the provisions of the Agreement.
“Benchmark Replacement” means, with respect to any Affected Currency for any Available Tenor for the applicable Benchmark Replacement Date: the sum of (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the
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replacement for the then-current Benchmark for the applicable Available Tenor giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities denominated in the applicable Affected Currency at such time in the United States and (B) the related Benchmark Replacement Adjustment; provided, that if the Benchmark Replacement as determined above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of the Agreement and the other Loan Documents; and provided further, that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion; and provided further, that with respect to a Term RFR Transition Event for any Affected Currency, on the Term RFR Transition Date the “Benchmark Replacement” shall be the Term RFR for such Affected Currency.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark relating to an Affected Currency with an Unadjusted Benchmark Replacement for any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrowers for the applicable Corresponding Tenor giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities denominated in the applicable Affected Currency at such time in the United States; provided that, if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark Replacement.
“Benchmark Replacement Date” means, with respect to any Affected Currency, a date and time determined by the Administrative Agent, which date shall be at the end of an Interest Period, if applicable, and no later than the earliest to occur of the following events with respect to the then-current Benchmark:
(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (A) the date of the public statement or publication of information referenced therein and (B) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(2)in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein; or
(3) in the case of a Term RFR Transition Event, the date that is set forth in the Term RFR Notice provided to the Lenders and the Borrowers pursuant to this Section
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titled “Benchmark Replacement Setting”, which date shall be at least 30 days from the date of the Term RFR Notice.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clauses (1), (2) or (3) of this definition with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events, with respect to any then-current Benchmark for any Affected Currency:
(1)a public statement or publication of information, by or on behalf of the administrator of such Benchmark for such Affected Currency (or the published component used in the calculation thereof), announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark for such Affected Currency (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication there is no successor administrator that will continue to provide any Available Tenor of such Benchmark for such Affected Currency (or component thereof);
(2)a public statement or publication of information by an Official Body having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark for such Affected Currency (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark for such Affected Currency (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark for such Affected Currency (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark for such Affected Currency (or such component), which states that the administrator of such Benchmark for such Affected Currency (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark for such Affected Currency (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark for such Affected Currency (or such component thereof); or
(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
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“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes under the Agreement and under any Loan Document in accordance with Section 4(k) [Benchmark Replacement Setting for Affected Currencies] and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes under the Agreement and under any Loan Document in accordance with Section 4(k) [Benchmark Replacement Setting for Affected Currencies].
“Borrowing Tranche” shall mean specified portions of the Loans outstanding as follows:  any Loans to which a Daily Simple RFR Option applies which are in the same Affected Currency shall constitute one Borrowing Tranche.
“British Pounds” or “£” mean the lawful currency of the United Kingdom.
“Business Day” means any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Pittsburgh, Pennsylvania and if the applicable Business Day relates to any direct or indirect calculation or determination of, or is used in connection with any interest rate settings, fundings, disbursements, settlements, payments, or other dealings with respect to any RFR Loan, the term “Business Day” means any such day that is also an RFR Business Day.
“Conforming Changes” means, with respect to Daily Simple RFR, Term RFR, or any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any Daily Simple RFR, Term RFR, or Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of Daily Simple RFR, Term RFR, or any Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of the Agreement and the other Loan Documents).
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple RFR” means, for any day (an “RFR Day”), a rate per annum determined by the Administrative Agent, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to any applicable RFR below by dividing (the resulting quotient rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100
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of 1%) (a) the applicable RFR set forth below by (b) a number equal to 1.00 minus the RFR Reserve Percentage:
(a) British Pounds, SONIA for the day (such day, adjusted as applicable as set forth herein, the “SONIA Lookback Day”) that is two (2) Business Days prior to (A) if such RFR Day is a Business Day, such RFR Day or (B) if such RFR Day is not a Business Day, the Business Day immediately preceding such RFR Day, in each case, as such SONIA is published by the SONIA Administrator on the SONIA Administrator’s Website; and
(b) Euro, €STR for the day (such day, adjusted as applicable as set forth herein, the “€STR Lookback Day”) that is two (2) Business Days prior to (A) if such RFR Day is a Business Day, such RFR Day or (B) if such RFR Day is not a Business Day, the Business Day immediately preceding such RFR Day, in each case, as such €STR is published by the €STR Administrator on the €STR Administrator’s Website;
provided that if the sum of the adjusted rate as determined above plus the applicable RFR Adjustment would be less than the Floor, such rate shall be deemed to be the Floor for purposes of the Agreement.  The adjusted Daily Simple RFR rate for each outstanding RFR Loan shall be adjusted automatically as of the effective date of any change in the RFR Reserve Percentage.  The Administrative Agent shall give prompt notice to the Borrowers of the adjusted Daily Simple RFR as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.
If by 5:00 pm (local time for the applicable RFR) on the second (2nd) Business Day immediately following any Daily Simple RFR Lookback Day, the RFR in respect of such Daily Simple RFR Lookback Day has not been published on the applicable RFR Administrator’s Website and a Benchmark Replacement for the applicable Daily Simple RFR has not been instituted in accordance with the provisions of the Agreement, then the RFR for such Daily Simple RFR Lookback Day will be the RFR as published in respect of the first preceding Business Day for which such RFR was published on the RFR Administrator’s Website; provided that any RFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple RFR for no more than three (3) consecutive RFR Days.  Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective date of such change in the RFR without notice to the Borrowers.
“Daily Simple RFR Lookback Days” means, collectively, SONIA Lookback Day and €STR Lookback Day, and each individually is a Daily Simple RFR Lookback Day.
“Daily Simple RFR Option” means the option of the Borrowers to have Loans bear interest at the rate and under the terms specified in Section 4(e)(i)(B) [Daily Simple RFR Option].
“Dollar Equivalent” means, for any amount, at the time of determination thereof, (a) if such amount is expressed in an Affected Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with the Affected Currency last provided (either by publication or otherwise provided to the Administrative Agent or the Issuing Lender, as applicable) by the applicable Bloomberg source (or such other publicly available source for displaying exchange rates as determined by the Administrative Agent or the
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Issuing Lender, as applicable, from time to time) on the date that is the applicable Daily RFR Lookback Day (for amounts relating to RFR Loans and Letters of Credit denominated in an Affected Currency to which a Daily Simple RFR would apply) immediately preceding the date of determination, or otherwise on the date which is two (2) Business Days immediately preceding the date of determination or otherwise with respect to Loans to which any other Interest Rate Option applies, the lookback date applicable thereto (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent or the Issuing Lender, as applicable using any method of determination it deems appropriate in its sole discretion) and (b) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent or the Issuing Lender, as applicable, using any method of determination it deems appropriate in its sole discretion. Any determination by the Administrative Agent or the Issuing Lender pursuant to this definition shall be conclusive absent manifest error.
“€STR” means a rate equal to the Euro Short Term Rate as administered by the €STR Administrator.
“€STR Administrator” means the European Central Bank (or any successor administrator of the Euro Short Term Rate).
“€STR Administrator’s Website” means the European Central Bank’s website, currently at http://www.ecb.europa.eu, or any successor source for the Euro Short Term Rate identified as such by the €STR Administrator from time to time.
“Euro” or “€” mean the single currency of the Participating Member States.
“Floor” means a rate of interest equal to 0.50%.
“IOSCO Principles” means the International Organization of Securities Commissions’ (IOSCO) Principles for Financial Benchmarks, as the same may be amended or supplemented from time to time.
“Participating Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“Reference Time” means, with respect to any setting of the then-current Benchmark, the time determined by the Administrative Agent in its reasonable discretion.
“Relevant Governmental Body” means with respect to a Benchmark Replacement in respect of Loans denominated in any Affected Currency, (1) the central bank for the Affected Currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the Affected Currency in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark
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Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.
“RFR” means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) British Pounds, SONIA and (b) Euro, €STR.
“RFR Adjustment” means with respect to RFR Loans or Term RFR Rate Loans, the adjustment set forth in the table below corresponding to such Affected Currency for the corresponding Daily Simple RFR Option or Term RFR Option:
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	Currency
	Adjustment to 
Daily Simple RFR
	Adjustment to 
Term RFR 

	Euros
	0.0456%
	0.0456%

	British Pounds
	0.0326%
	0.0326%

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“RFR Administrator” means the the SONIA Administrator or the €STR Administrator, as applicable.
“RFR Administrator’s Website” means the SONIA Administrator’s Website or the €STR Administrator’s Website, as applicable.
“RFR Business Day” means as applicable, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to (i) Euro, a TARGET Day and (ii) British Pounds, a day on which banks are open for general business in London.
“RFR Loan” means a Loan that bears interest at a rate based on a Daily Simple RFR or, after the replacement of the then-current Benchmark for any Affected Currency for all purposes hereunder or under any Loan Document with a Term RFR pursuant to Section 4(n) [Term RFR Transition Event], the Term RFR for such Affected Currency, as the context may require.
“RFR Reserve Percentage” means as of any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to RFR Loans.
“SONIA” means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.
“SONIA Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).
“SONIA Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.
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“TARGET Day” means any day on which TARGET2 is open for the settlement of payments in Euros.
“Term RFR” means, with respect to the applicable Affected Currency for any Interest Period, a rate per annum determined by the Administrative Agent, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to any applicable Term RFR Forward Looking Rate by dividing (the resulting quotient  rounded upwards, at the Administrative Agent’s discretion, to the nearest 1/100 of 1%) (a) the applicable Term RFR Forward Looking Rate by (b) a number equal to 1.00 minus the RFR Reserve Percentage; provided that if the sum of the adjusted rate as determined above plus the applicable RFR Adjustment would be less than the Floor, such rate shall be deemed to be the Floor for purposes of this Agreement.  The adjusted Term RFR rate for each outstanding Term RFR Rate Loan shall be adjusted automatically as of the effective date of any change in the RFR Reserve Percentage.  The Administrative Agent shall give prompt notice to the Borrowers of the adjusted Term RFR rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.
“Term RFR Forward Looking Rate” means, with respect to the applicable Affected Currency for any Interest Period, the forward-looking term rate for a period comparable to such Interest Period based on the RFR for such Affected Currency that is published by an authorized benchmark administrator and is displayed on a screen or other information service, each as identified or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement of such Interest Period determined by the Administrative Agent.
“Term RFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrowers of the occurrence of a Term RFR Transition Event.
“Term RFR Option” means the option of the Borrowers to have Loans bear interest at the rate and under the terms specified in Section 4(e)(i)(A) [Term RFR Option].
“Term RFR Rate Loan” means a Loan in an Affected Currency that bears interest at a rate based on Term RFR.
“Term RFR Transition Date” means, in the case of a Term RFR Transition Event, the date that is set forth in the Term RFR Notice provided to the Lenders and the Borrowers pursuant to Section 4(n) [Term RFR Transition Event], which date shall be at least 30 (thirty) calendar days from the date of the Term RFR Notice.
“Term RFR Transition Event” means, with respect to the applicable Affected Currency for any Interest Period, the determination by the Administrative Agent that (a) the applicable Term RFR for such Affected Currency is determinable for each Available Tenor, (b) the administration of such Term RFR is administratively feasible for the Administrative Agent, (c) the RFR Administrator publishes, publicly announces or makes publicly available that such Term RFR is administered in accordance with the IOSCO Principles, (d) such Term RFR is used as a benchmark rate in at least five currently outstanding syndicated credit facilities denominated in the applicable Affected Currency (and such syndicated credit facilities are identified and are publicly
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available for review), and (e) such Term RFR is recommended for use by a Relevant Governmental Body.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
3.Effect of Definitions.  The Existing Agreement is hereby amended and modified to incorporate the definitions set forth in Section 2, mutatis mutandis, to the extent used in the Agreement, including as a result of the effectiveness of this Amendment.  If the Existing Agreement as in effect immediately prior to giving effect to the provisions of this Amendment already defines any term defined in Section 2, the corresponding definition in Section 2 shall (y) to the extent that such definition also relates to Loans other than those denominated in an Affected Currency, supplement such definition in the Existing Agreement and (z) to the extent that such definition relates solely to Loans denominated in an Affected Currency, supersede such definition in the Existing Agreement, in each case, solely with respect to Loans denominated in an Affected Currency, for the purpose and solely for the purpose of the definitions and provisions contained in this Amendment.
4.Terms Applicable to Loans in Affected Currencies.
(a)Affected Currencies.  Notwithstanding anything to the contrary herein or in any other Loan Document, effective as of the Effective Date, (i) the LIBOR Rate Option shall not be available for any Loan denominated in any Affected Currency, and (ii) any request for a new Loan denominated in an Affected Currency, or to continue or convert an existing Loan denominated in an Affected Currency, shall be deemed to be a request for a new RFR Loan denominated in such Affected Currency; provided, that to the extent any Loan denominated in an Affected Currency and bearing interest at the LIBOR Rate is outstanding on the Effective Date, such Loan shall continue to bear interest at the LIBOR Rate until the end of the current Interest Period or payment period applicable to such Loan; provided that, in the case of a Loan that bears interest at a daily floating rate with no Interest Period, such Loan shall be deemed to be an RFR Loan immediately upon the Effective Date.
(b)References to LIBOR Rate, LIBOR Rate Option, and Interest Period in the Agreement and Loan Documents.
		(i)
	References to the LIBOR Rate and LIBOR Rate Option in provisions of the Agreement and the other Loan Documents that are not specifically addressed herein (other than the definitions of “LIBOR Rate” and “LIBOR Rate Option”) shall be deemed to mean, with respect to Affected Currencies, the Daily Simple RFRs, Term RFRs, Daily Simple RFR Option and Term RFR Option, as applicable, for each Affected Currency.

		(ii)
	For purposes of any requirement for the Borrowers to compensate the Lenders for losses in the Agreement resulting from any continuation, conversion, payment or prepayment of any Loan that bears interest based

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upon the LIBOR Rate on a day other than the last day of any Interest Period (as defined in the Agreement), references to the Interest Period (as defined in the Agreement) shall be deemed to include any relevant interest payment date or payment period for a Term RFR Rate Loan.
(c)Interest Rates.  The Administrative Agent does not warrant or accept responsibility for and shall not have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “RFR”, “Daily Simple RFR” or “Term RFR”, or with respect to any alternative or successor rate thereto, or replacement rate therefor, or of any Conforming Changes.
(d)Conforming Changes.  With respect to any Daily Simple RFR, Term RFR, or any Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Agreement or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Amendment, the Agreement or any other Loan Document; provided that with respect to any such amendment effected, the Administrative Agent shall provide notice to the Borrowers and the Lenders of each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective.
(e)Interest Rate Options.  Subject to the provisions of the Existing Agreement relating to default interest and numbers of Borrowing Tranches, the Borrowers shall pay interest in respect of the outstanding unpaid principal amount of the Loans denominated in Affected Currencies as selected by it from the applicable Interest Rate Options specified below applicable to the Revolving Credit Loans, it being understood that, subject to the provisions of the Agreement, the Borrowers may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans denominated in Affected Currencies comprising different Borrowing Tranches and may renew one or more Interest Rate Options with respect to all or any portion of the Loans denominated in Affected Currencies comprising any Borrowing Tranche; provided that if an Event of Default or Potential Default exists and is continuing, the Borrowers may not request or renew any Term RFR Option or Daily Simple RFR Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches denominated in an Affected Currency shall either (i) (x) in relation to Term RFR Rate Loans, be converted immediately to the Base Rate Option denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) at the end of the Interest Period therefor; and (y) in relation to Daily Simple RFR Loans, be converted immediately to the Base Rate Option denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) or (ii) in relation to Term RFR Rate Loans, be prepaid at the end of the applicable Interest Period in full, subject in all cases to the obligation of the Borrowers to pay any indemnity under the Agreement in connection with any such conversion.  If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.  The applicable Base Rate, Daily Simple RFR or Term RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
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error.  Interest on the principal amount of each Loan denominated in an Affected Currency shall be paid by the Borrowers in such Affected Currency.
		(i)
	Revolving Credit Interest Rate Options.  The Borrowers shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans denominated in an Affected Currency:

		(A)
	Term RFR Option:  On and after the Term RFR Transition Date with respect to any applicable Affected Currency, in the case of Loans denominated in any Affected Currency that bear interest based on a Term RFR, a rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in Affected Currencies as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Term RFR for such Affected Currency as determined for each applicable Interest Period plus the RFR Adjustment plus the Applicable Margin.

		(B)
	Daily Simple RFR Option:  Prior to the Term RFR Transition Date with respect to Loans that bear interest at a rate based on a Daily Simple RFR denominated in any Affected Currency, a fluctuating rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in any Affected Currency as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Daily Simple RFR for such Affected Currency plus the RFR Adjustment plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the applicable Daily Simple RFR.

		(ii)
	[Reserved].

(f)Interest Payment Dates.  Interest on Loans denominated in Affected Currencies to which the Term RFR Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) months, also on the 90th day of such Interest Period, and at such other times as may be specified in the Agreement.  Interest on Loans denominated in Affected Currencies to which the Daily Simple RFR Option applies shall be due and payable in arrears on each Payment Date applicable thereto and at such other times as may be specified in the Agreement.
(g)Interest Periods.  At any time when the Borrowers shall select any RFR Loan, or convert to or renew a Term RFR Option with respect to Revolving Credit Loans denominated in Affected Currencies, the Borrowers shall notify the Administrative Agent thereof at least four (4) Business Days prior to the effective date of (y) the selection of such Daily Simple RFR Option or such Term RFR Option, or (z) the conversion to or renewal
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A-11

of such Term RFR Option, in each case, by delivering a Loan Request.  The notice shall specify an Interest Period during which such Interest Rate Option shall apply.  Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a Term RFR Option:
		(i)
	Amount of Borrowing Tranche.  Each Borrowing Tranche of Loans under the Term RFR Option shall be in integral multiples of One Million Dollars ($1,000,000) (or the Dollar Equivalent thereof) and not less than Five Million Dollars ($5,000,000) (or the Dollar Equivalent thereof).

		(ii)
	Renewals.  In the case of the renewal of a Term RFR Option at the end of an Interest Period, the first day of the new Interest Period shall be the last day of the preceding Interest Period, without duplication in payment of interest for such day.

		(iii)
	No Conversion of Affected Currency Loans.  No Loan denominated in any Affected Currency may be converted into a Loan with a different Interest Rate Option, or a Loan denominated in a different currency.

(h)Selection of Interest Rate Options.  If the Borrowers fail to select a new Interest Period to apply to any Borrowing Tranche of Loans in an Affected Currency under any Term RFR Option at the expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance with the provisions of Section 4(g) [Interest Periods] above, then, unless such Borrowing Tranche is repaid as provided herein, the Borrowers shall be deemed to have selected that such Borrowing Tranche shall automatically be continued under the applicable Term RFR Option in its original Affected Currency with an Interest Period of one (1) month at the end of such Interest Period.  If on and after the Term RFR Transition Date with respect to any Affected Currency, the Borrowers provide any Loan Request related to a Loan at the Term RFR Option for such Affected Currency, but fail to identify an Interest Period therefor, such Loan Request shall be deemed to request an Interest Period of one (1) month.  Any Loan Request that fails to select an Interest Rate Option shall be deemed to be a request for the Base Rate Option.  If no election as to currency is specified in the applicable Loan Request, then the requested Loans shall be made in Dollars.
(i)Computations of Dollar Equivalent Amounts of Loans in Affected Currencies.  With respect to any amount of any Loan denominated in an Affected Currency, the Administrative Agent may determine the Dollar Equivalent utilizing Administrative Agent’s standard practices (which determination shall be conclusive absent manifest error) with such frequency (including daily) that the Administrative Agent deems to be necessary or advisable in its sole discretion.
(j)Rate Unascertainable; Increased Costs; Deposits Not Available; Illegality.
		(i)
	Unascertainable; Increased Costs; Deposits Not Available.  If at any time:

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		(A)
	the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that (x) the Daily Simple RFR or Term RFR applicable to a Loan denominated in an Affected Currency cannot be determined pursuant to the definition thereof, including, without limitation, because such rate for the corresponding applicable Affected Currency is not available or published on a current basis or (y) a fundamental change has occurred in the foreign exchange or interbank markets with respect to such Affected Currency or with respect to such rate (including, without limitation, changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), or

		(B)
	the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that (x) prior to the Term RFR Transition Date with respect to any Loans that bear interest based on a Daily Simple RFR denominated in any Affected Currency, the Daily Simple RFR with respect to such Affected Currency cannot be determined pursuant to the definition thereof or (y) on and after the Term RFR Transition Date with respect to any Loans that bear interest based on a Term RFR denominated in any Affected Currency, the Term RFR for such Affected Currency cannot be determined pursuant to the definition thereof on or prior to the first day of any Interest Period, or

		(C)
	any Lender determines that for any reason in connection with any request for a Term RFR Rate Loan denominated in an Affected Currency or a conversion thereto or a continuation thereof that (A) deposits in the applicable Affected Currency are not available to any Lender in connection with such Term RFR Rate Loan, or are not being offered to banks in the market for the applicable Affected Currency, amount, and Interest Period of such Term RFR Rate Loan, or (B) the Term RFR Option for any requested Affected Currency or Interest Period with respect to a proposed Term RFR Rate Loan, as applicable, does not adequately and fairly reflect the cost to such Lenders of funding, establishing or maintaining such Loan and, in each case, such Lender has provided notice of such determination to the Administrative Agent,

then the Administrative Agent shall have the rights specified in Section 4(j)(iii) [Administrative Agent’s and Lender’s Rights] below.
		(ii)
	Illegality.  If at any time any Lender shall have determined, or any Official Body shall have asserted, that the making, maintenance or funding of any Loan denominated in an Affected Currency to which any Interest Rate Option applies, or the determination or charging of interest rates based upon any Interest Rate Option has been made impracticable

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A-13

or unlawful, by compliance by such Lender in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law), or any Official Body has imposed material restrictions on the authority of such Lender to purchase, sell, or take deposits of any Affected Currency in the applicable interbank market for the applicable Affected Currency,
then the Administrative Agent shall have the rights specified in Section 4(j)(iii) [Administrative Agent’s and Lender’s Rights] below.
		(iii)
	Administrative Agent’s and Lender’s Rights.  In the case of any event specified in Section 4(j)(i) [Unascertainable; Increased Costs; Deposits Not Available] above, the Administrative Agent shall promptly so notify the Lenders and the Borrowers thereof, and in the case of an event specified in Section 4(j)(ii) [Illegality] above, such Lender shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Lenders and the Borrowers.

		(A)
	Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the Lenders, in the case of such notice given by the Administrative Agent, or (ii) such Lender, in the case of such notice given by such Lender, to allow the Borrowers to select, convert to or renew a Loan under the affected Interest Rate Option in each such Affected Currency shall be suspended (to the extent of the affected Interest Rate Option, or the applicable Interest Periods) until the Administrative Agent shall have later notified the Borrowers, or such Lender shall have later notified the Administrative Agent, of the Administrative Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist.

		(B)
	If at any time the Administrative Agent makes a determination under Section 4(k)(i) [Unascertainable; Increased Costs; Deposits Not Available] above, (i) if any Borrower has previously notified the Administrative Agent of its selection of, conversion to or renewal of an affected Interest Rate Option, and such Interest Rate Option has not yet gone into effect, such notification shall with regard to any such pending request for Loans denominated in an Affected Currency, be deemed ineffective (in each case, to the extent of the affected Interest Rate Option, or the applicable Interest Periods), (ii) any outstanding affected Loans denominated in Dollars shall be deemed to have been converted into Base Rate Loans immediately or, in the case of Term RFR Rate Loans, at the end of the applicable

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Interest Period, and (iii) any outstanding affected Loans denominated in an Affected Currency shall, at such Borrower’s election, either be converted into Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Affected Currency) immediately or, in the case of Term RFR Rate Loans, at the end of the applicable Interest Period or prepaid in full immediately or, in the case of Term RFR Rate Loans, at the end of the applicable Interest Period; provided, however that absent notice from the Borrowers of conversion or prepayment, such Loans shall automatically be converted to Base Rate Loans (in an amount equal to the Dollar Equivalent of such Affected Currency).
		(C)
	If any Lender notifies the Administrative Agent of a determination under Section 4(j)(ii) [Illegality] above, the Borrowers shall, subject to the Borrowers’ indemnification Obligations under the Agreement, as to any Loan of the Lenders to which an affected Interest Rate Option applies, on the date specified in such notice either convert such Loan to the Base Rate Option otherwise available with respect to such Loan (which shall be, with respect to Loans denominated in an Affected Currency, in an amount equal to the Dollar Equivalent of such Affected Currency) or prepay such Loan in accordance with the Agreement.  Absent due notice from the Borrowers of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan (which shall be, with respect to Loans denominated in an Affected Currency, in an amount equal to the Dollar Equivalent of such Affected Currency) upon such specified date.

(k)Benchmark Replacement Setting for Affected Currencies.  Notwithstanding anything to the contrary herein or in any other Loan Document (and any agreement executed in connection with an Interest Rate Hedge shall be deemed not to be a “Loan Document” for purposes of this Section 4(k)), if a Benchmark Transition Event and its Related Benchmark Replacement Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark for any Affected Currency, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, the Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
(l)Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrowers and the Lenders of (A) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Conforming
​

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Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 4(m) [Unavailability of Tenor of Benchmark] below and (E) the commencement of any Benchmark Unavailability Period.  Any determination, decision, or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 4(l), including any determination with respect to a tenor, rate, or adjustment or of the occurrence or non-occurrence of an event, circumstance, or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to the Agreement or any other Loan Document except, in each case, as expressly required pursuant to this Section 4(l).
(m)Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will no longer be representative, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor was removed pursuant to clause (i) above either (x) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark, then Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(n)Term RFR Transition Event.  Notwithstanding anything to the contrary in this Amendment, the Existing Agreement or in any other Loan Document and subject to the proviso below in this paragraph, if a Term RFR Transition Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark consisting of a Daily Simple RFR for the applicable Affected Currency, then the applicable Term RFR, if any, will replace such Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark for the applicable Affected Currency setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, the Agreement or any other Loan Document; provided that this clause (i) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrowers a Term RFR Notice with respect to the applicable Term RFR Transition Event.  For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term RFR Notice after a Term RFR Transition Event and may elect or not elect to do so in its sole discretion.

A-16Exhibit 10.23
​
EXECUTION VERSION
AMENDMENT NO. 3 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
​
This Amendment No. 3 to Fourth Amended and Restated Credit Agreement (this “Amendment”), dated as of February 28, 2022, is made by and among STONERIDGE, INC., an Ohio corporation (the “Parent”), STONERIDGE ELECTRONICS, INC., a Texas corporation (“Electronics”), STONERIDGE CONTROL DEVICES, INC., a Massachusetts corporation (“Controls”), STONERIDGE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of the Netherlands, registered with the Dutch Chamber of Commerce under file number 67928471 (“Stoneridge Netherlands”, and together with the Parent, Electronics and Controls, the “Borrowers”), STONERIDGE AFTERMARKET, INC., an Ohio corporation (“Aftermarket”), ORLACO INC., a Delaware corporation (“Orlaco”), SRI HOLDINGS US LLC, a Delaware limited liability company (“SRI Holdings US”)  and SRI DELAWARE HOLDINGS, LLC, a Delaware limited liability company (“SRI Holdings” and, together with Aftermarket, Orlaco and SRI Holdings US, the “Guarantors”), the various  Lenders (as hereinafter defined) which are a party to this Amendment and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as the administrative agent (in such capacity, the “Administrative Agent”) and the collateral agent (in such capacity, the “Collateral Agent”, and together with the Administrative Agent, the “Agents”).
Recitals:
​
A.The Borrowers have been extended certain financial accommodations pursuant to that certain Fourth Amended and Restated Credit Agreement, dated as of June 5, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time,
​

including as amended hereby, the “Credit Agreement”), among the Borrowers, the Guarantors party thereto from time to time, the financial institutions party thereto from time to time, as lenders (the “Lenders”) and the Administrative Agent;
B.The parties hereto desire to amend certain provisions of the Credit Agreement as more fully set forth below; and
C.The Borrowers, the Lenders and the Administrative Agent constitute the parties required for purposes of providing this amendment pursuant to Section 11.1 of the Credit Agreement.
Agreements:
​
NOW THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, each of the parties hereto hereby agrees as follows:
Section 1DEFINED TERMS.
​
Each defined term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement, as amended by this Amendment.
Section 2AMENDMENTS TO THE CREDIT AGREEMENT.
​
Subject to the terms, conditions and limitations of this Amendment, including, without limitation, Section 4, below, the Credit Agreement is hereby amended as of the Amendment Effective Date (as hereinafter defined) as follows:
2.1Amendment to Section 1.1 [Certain Definitions] of the Credit Agreement.  The following definitions are hereby inserted into Section 1.1 [Certain Definitions] as new defined terms therein in the appropriate alphabetical order:
“Cash Balance Amount” shall mean, on any date during the Specified Period, an amount equal to the sum of (i) the aggregate amount of cash and Cash Equivalents on hand of the
​

2

Parent and its Subsidiaries (including any proceeds of outstanding Revolving Credit Loans to the extent such proceeds remain on the balance sheet) held in the United States on such date plus (ii) 65% of the aggregate amount of cash and Cash Equivalents on hand of the Parent and its Subsidiaries (including any proceeds of outstanding Revolving Credit Loans to the extent such proceeds remain on the balance sheet) held outside of the United States on such date.
​
“Specified Period” shall mean any time from the Third Amendment Effective Date until the Compliance Certificate for the fiscal quarter ending March 31, 2023 has been delivered to the Administrative Agent in form and substance satisfactory to the Administrative Agent.
​
“Third Amendment Effective Date” shall mean the “Amendment Effective Date” as defined in that certain Amendment No. 3 to Fourth Amended and Restated Credit Agreement, dated as of February 28, 2022, among the Borrowers, the Guarantors, the Lenders party thereto and the Administrative Agent.
​
2.2Amendment to Section 1.1 [Certain Definitions] of the Credit Agreement.  The following defined terms contained in Section 1.1 [Certain Definitions] are hereby amended in their entirety to read as follows:
“Covenant Relief Period” shall mean any time from the First Amendment Effective Date until the Compliance Certificate for the fiscal quarter ending June 30, 2021 has been delivered to the Administrative Agent in form and substance satisfactory to the Administrative Agent. For the avoidance of doubt, the Covenant Relief Period terminated on August 4, 2021.
​
“Swing Loan Commitment” shall mean PNC’s commitment to make Swing Loans to the Domestic Borrowers pursuant to Section 2.1.2 [Swing Loan Commitment] hereof in an aggregate principal amount up to Thirty Million Dollars ($30,000,000).
​
2.3 Amendment to Section 1.1 [Certain Definitions] of the Credit Agreement.  The definition of “Permitted Acquisition” is hereby amended by amending and restating clause (e) thereof in its entirety, to read as follows:
“(e) (1) during the Specified Period, (A) the Leverage Ratio is less than or equal to 3.50 to 1.00 on a Pro Forma Basis after the consummation of such Acquisition and (B) the Parent and its Subsidiaries are in compliance, on a Pro Forma Basis, with Section 8.2.17 [Minimum Interest Coverage Ratio] and (2) after the expiration of the Specified Period, the Parent and its Subsidiaries are in compliance, on a Pro Forma Basis with the Financial Covenants (in the case of a Permitted Acquisition that is a Material
​

3

Acquisition, including the increase pursuant to Section 8.2.16 [Maximum Leverage Ratio]),”
​
2.4 Amendment to Section 2.12 [Incremental Commitments, Increasing Lenders and New Lenders] of the Credit Agreement. Section 2.12.1.11 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“2.12.1.11. Specified Period. No Incremental Effective Date shall occur during the Specified Period, unless (a) the Leverage Ratio is less than or equal to 3.50 to 1.00 on a Pro Forma Basis after giving effect to any increase in Commitments or advance of Incremental Loans requested on such Incremental Effective Date (and any Permitted Acquisition or Investment consummated substantially concurrently therewith), as certified by an Authorized Officer, in form and substance reasonably satisfactory to the Administrative Agent and including reasonably detailed calculations demonstrating compliance with the foregoing or (b) otherwise approved in writing by the Required Lenders.”
​
2.5Amendment to Section 4.6 [Successor LIBOR Rate Index] of the Credit Agreement.Section 4.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“4.6Benchmark Replacement Setting.  Notwithstanding any provision of this Agreement or any Loan Document to the contrary, the terms set forth in this Section 4.6 [Benchmark Replacement Setting] shall apply solely to Loans made, continued or converted in Dollars.
(a) Announcements Related to LIBOR.  On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the “IBA”) and the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month USD LIBOR tenor settings (collectively, the “Cessation Announcements”).  The parties hereto acknowledge that, as a result of the Cessation Announcements, a Benchmark Transition Event occurred on March 5, 2021 with respect to USD LIBOR under clauses (1) and (2) of the definition of Benchmark Transition Event below; provided however, no related Benchmark Replacement Date occurred as of such date.
(b) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any agreement executed in connection with an Interest Rate Hedge shall be deemed not to be a “Loan Document” for purposes of this Section 4.6 [Benchmark Replacement Setting], if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related
​

4

​
Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
(c) Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
​
(d) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 4.6 [Benchmark Replacement Setting], including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 4.6 [Benchmark Replacement Setting].
​
​

5

​
(e) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR, USD LIBOR or any alternative rate selected in an Early Opt-in Election or Other Benchmark Rate Election) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f) Benchmark Unavailability Period. Upon the Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers may revoke any request for a Loan bearing interest based on USD LIBOR , conversion to or continuation of Loans bearing interest based on USD LIBOR to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be deemed to have converted any such request into a request for a Loan of or conversion to Loans bearing interest under the Base Rate Option. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.
(g) Term SOFR Transition Event.  Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting (the “Secondary Term SOFR Conversion Date”) and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; and (ii) Loans outstanding on the Secondary Term SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted to Loans bearing interest at the Benchmark Replacement with a tenor approximately the same length as the interest payment period of the then-current Benchmark; provided that, this paragraph (g) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrowers a Term SOFR Notice.  For the avoidance of doubt, the Administrative Agent
​

6

shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion.
​
(h)  Certain Defined Terms. As used in this Section 4.6 [Benchmark Replacement Setting]:
​
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to paragraph (e) of this Section 4.6 [Benchmark Replacement Setting], or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with reference to such Benchmark pursuant to this Agreement as of such date.  For the avoidance of doubt, the Available Tenor for the Daily LIBOR Rate is one month.
​
“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to paragraph (b) of this Section titled “Benchmark Replacement Setting.”
​
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:
​
		(1)
	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

​
		(2)
	the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

​
(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
​
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the
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Administrative Agent in its reasonable discretion; provided, further, that, in the case of an Other Benchmark Rate Election, the “Benchmark Replacement” shall mean the alternative set forth in clause (3) above and when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Borrowers shall be the term benchmark rate that is used in lieu of a USD LIBOR-based rate in relevant other U.S. dollar-denominated syndicated credit facilities; provided, further, that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall be determined as set forth in clause (1) of this definition; provided, further, that notwithstanding the foregoing clauses (1) and (2), if an Early Opt-in Election or Other Benchmark Rate Election has been made, the Benchmark Replacement will be the sum of the benchmark rate selected in connection with such Early Opt-in Election or Other Benchmark Rate Election plus the related Benchmark Replacement Adjustment. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
​
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement:
​
		(1)
	for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the applicable amount(s) set forth below:

​
	Available Tenor
	Benchmark Replacement Adjustment*
​

	One-Month
	0.11448%   (11.448 basis points)

	Three-Months
	0.26161%   (26.161 basis points)

	Six-Months
	0.42826%   (42.826 basis points)

	* These values represent the ARRC/ISDA recommended spread adjustment values available here: https://assets.bbhub.io/professional/sites/10/IBOR-Fallbacks-LIBOR-Cessation_Announcement_20210305.pdf

​
; provided, however, that notwithstanding the foregoing, if an Early Opt-in Election or Other Benchmark Rate Election has been made, the Benchmark Replacement Adjustment will be determined pursuant to clause (2) below.
(2) for purposes of clause (3) of the definition of “Benchmark Replacement” or in connection with an Early Opt-in Election or Other Benchmark Rate Election, the spread adjustment, or method for calculating or determining such spread adjustment,
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​
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;
​
provided that, if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark Replacement.
​
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides (which decision, solely in the case of any Early Opt-in Election or Other Benchmark Rate Election, shall be made in consultation with the Borrowers) may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides (which decision, solely in the case of any Early Opt-in Election or Other Benchmark Rate Election, shall be made in consultation with the Borrowers) is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
​
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
​
(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
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ceases to provide all Available Tenors of such Benchmark (or such component thereof);
​
(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein;
​
(3) in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Lenders and the Borrowers pursuant to this Section 4.6 [Benchmark Replacement Setting], which date shall be at least 30 days from the date of the Term SOFR Notice; or
​
(4) in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or Other Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders.
​
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
​
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
​
(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
​
(2) a public statement or publication of information by an Official Body having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an
​

10

insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
​
(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
​
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
​
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section 4.6 [Benchmark Replacement Setting] and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with this Section 4.6 [Benchmark Replacement Setting].
​
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
​
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
​
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“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of:
​
(1) a notification by the Administrative Agent to (or the request by the Borrowers to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
​
(2) the joint election by the Administrative Agent and the Borrowers to trigger a fallback from USD LIBOR to such benchmark rate and the provision by the Administrative Agent of written notice of such election to the Lenders.
​
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, one-half percent (0.50%).
​
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
​
“Other Benchmark Rate Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (x) either (i) a request by the Borrowers to the Administrative Agent , or (ii) notice by the Administrative Agent to the Borrowers, that, at the determination of the Borrowers or the Administrative Agent, as applicable, U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a USD LIBOR based rate, a term benchmark rate as a benchmark rate, and (y) the Administrative Agent, in its sole discretion, and the Borrowers jointly elect to trigger a fallback from USD LIBOR to such benchmark rate and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrowers and the Lenders.
​
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.
​
“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.
​
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“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
​
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
​
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
​
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
​
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrowers of the occurrence of a Term SOFR Transition Event.
​
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election) has previously occurred resulting in a Benchmark Replacement in accordance with Section 4.6 [Benchmark Replacement Setting] that is not Term SOFR.
​
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
​
“USD LIBOR” means the London interbank offered rate for Dollars.
​
2.6 Amendment to Section 7.2 [Each Loan or Letter of Credit] of the Credit Agreement.Section 7.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“7.2Each Loan or Letter of Credit.  At the time of making any Loans or issuing, extending or increasing any Letters of Credit and after giving effect to the proposed extensions of credit: (i) the representations and warranties of the Loan Parties as set forth in Article 6 [Representations and Warranties] shall then be true and correct in all material respects (except that (x) any representation and warranty that is already qualified as to materiality shall be true and correct in all respects as so qualified and (y) representations and warranties which expressly relate solely to an earlier date or time shall be true and correct on and as of the specific dates or times referred to therein),
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(ii) no Event of Default or Potential Default shall have occurred and be continuing, (iii) the applicable Borrower shall have delivered to the Administrative Agent a duly executed and completed Loan Request or to the Issuing Lender an application for a Letter of Credit, as the case may be and (iv) during the Specified Period, the Cash Balance Amount shall not exceed Seventy Million Dollars ($70,000,000). Each Loan Request and Letter of Credit application shall be deemed to be a representation that the conditions specified in this Section 7.2 [Each Loan or Letter of Credit] have been satisfied on or prior to the date thereof.
​
2.7 Amendment to Section 8.1.5. [Visitation Rights] of the Credit Agreement. Section 8.1.5 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“8.1.5.Visitation Rights.  Each Loan Party shall, and shall cause each of its Subsidiaries to, permit any of the officers or authorized employees or representatives of the Administrative Agent or any of the Lenders (so long as no Event of Default has occurred and is continuing, at their own expense) to visit and inspect, subject to Section 11.9 [Confidentiality], any of its properties and to examine and make excerpts from its books and records and discuss its business affairs, finances and accounts with its officers, all in such detail and at such times and as often as any of the Lenders may reasonably request, provided that each Lender shall provide the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers, with reasonable notice prior to any visit or inspection and no such visit or inspection shall interfere with their normal business operations.  In the event any Lender desires to conduct an audit of any Loan Party, such Lender shall make a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Administrative Agent. During the Specified Period, each Loan Party shall, and shall cause each of its Subsidiaries to, permit Administrative Agent and each of its duly authorized representatives or agents to conduct field examinations or equipment appraisals at such reasonable times and intervals as the Administrative Agent or the Required Lenders may designate, in each case at Borrowers’ expense; provided that, so long as no Event of Default has occurred and is continuing, Borrowers shall not be obligated to reimburse the Administrative Agent for more than one (1) field examination and one (1) equipment appraisal during the Specified Period.”
​
2.8 Amendment to Section 8.2.5. [Dividends and Related Distributions] of the Credit Agreement.Section 8.2.5 of the Credit Agreement is hereby amended by amending and restating the final sentence thereof in its entirety, to read as follows:
“Notwithstanding the foregoing, each of the Loan Parties shall not, and shall not permit any of its Subsidiaries to, make or pay, or agree to become or remain liable to make or pay any Restricted Payment during the Specified Period, other than (a) Restricted Payments set forth in clauses (i), (ii), (vii) and (ix) of this Section 8.2.5
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[Dividends and Related Distributions], (b) Restricted Payments pursuant to clause (vi) of this Section 8.2.5 [Dividends and Related Distributions] in an aggregate amount not to exceed $5,000,000 during the Specified Period, (c) any Restricted Payment otherwise permitted by this Section 8.2.5 [Dividends and Related Distributions] so long as, solely in the case of this clause (c), the Leverage Ratio is less than or equal to 3.50 to 1.00 on a Pro Forma Basis after the making of such Restricted Payment, as certified by an Authorized Officer, in form and substance reasonably satisfactory to the Administrative Agent and including reasonably detailed calculations demonstrating compliance with the foregoing or (d) as otherwise approved in writing by the Required Lenders.”
​
2.9Amendment to Section 8.2.16. [Maximum Leverage Ratio] of the Credit Agreement.Section 8.2.16 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“8.2.16. Maximum Leverage Ratio.  The Loan Parties (i) shall not permit the Leverage Ratio as of the end of the fiscal quarter ending December 31, 2021 to exceed 4.00 to 1.00, (ii) shall not be required to comply with any maximum Leverage Ratio under this Section 8.2.16 [Maximum Leverage Ratio] for the fiscal quarters ending March 31, 2022 through September 30, 2022, inclusive and (iii) shall not permit the Leverage Ratio as of the end of any other fiscal quarter to exceed the ratio specified below for the periods specified below:
​
	Fiscal Quarter Ending
​
	Maximum Leverage Ratio

	December 31, 2022
	4.75 to 1.00

	March 31, 2023 and thereafter
	3.50 to 1.00

​
provided that, after the expiration of the Specified Period and upon and following a Material Acquisition, upon written notice from the Parent to the Administrative Agent, the Leverage Ratio shall not exceed 3.75 to 1.00 as of the last day of (i) the fiscal quarter during which such Material Acquisition occurred (any fiscal quarter during which a Material Acquisition occurs being hereinafter referred to as an “Acquisition Quarter”) and (ii) the three fiscal quarters immediately following the Acquisition Quarter; provided, further, that there shall be at least one fiscal quarter as of the end of which the maximum Leverage Ratio has reverted to 3.50 to 1.00 before the maximum Leverage Ratio may be increased in respect of a subsequent Material Acquisition.”
​
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15

2.10Amendment to Section 8.2.17. [Minimum Interest Coverage Ratio] of the Credit Agreement.Section 8.2.17 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“8.2.17. Minimum Interest Coverage Ratio.  The Loan Parties shall not permit the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense of the Parent and its Subsidiaries, calculated as of the end of each fiscal quarter for the four (4) fiscal quarters then ended, to be less than the ratio specified below:
​
	Fiscal Quarter Ending
​
	Minimum Interest Coverage Ratio

	December 31, 2021
	3.50 to 1.00

	March 31, 2022
	2.50 to 1.00

	June 30, 2022
	2.25 to 1.00

	September 30, 2022
	3.00 to 1.00

	December 31, 2022
	3.00 to 1.00

	March 31, 2023 and thereafter
	3.50 to 1.00

​
​
2.11Amendment to Schedule 1.1(A) [Pricing Grid] of the Credit Agreement. Schedule 1.1(A) of the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex I hereto.
2.12 Amendment to Schedule 1.1(B) [Commitments of Lenders and Addresses for Notices] of the Credit Agreement. Part 1 of Schedule 1.1(B) of the Credit Agreement is hereby amended and restated in its entirety as set forth on Annex II hereto.
Section 3 REPRESENTATIONS AND WARRANTIES.
​
Each Loan Party hereby represents and warrants to the Lenders and the Agents as follows:
3.1The Amendment.  This Amendment has been duly and validly executed by an authorized executive officer of such Loan Party and constitutes the legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms.
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16

The Credit Agreement, as amended by this Amendment, remains in full force and effect and remains the valid and binding obligation of such Loan Party party thereto enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditor’s rights generally and by general  principles of equity.
3.2No Potential Default or Event of Default.  No Potential Default or Event of Default exists under the Credit Agreement as of the date hereof (after giving effect to this Amendment) and no Potential Default or Event of Default will occur as a result of the effectiveness of this Amendment.
3.3Restatement of Representations and Warranties.  The representations and warranties of such Loan Party contained in the Credit Agreement, as amended by this Amendment, and the other Loan Documents are true and correct in all material respects (or, if already qualified by materiality therein, in all respects) on and as of the Amendment Effective Date (after giving effect to this Amendment) as though made on the Amendment Effective Date, unless and to the extent that any such representation and warranty is stated to relate solely to an earlier date, in which case such representation and warranty shall be true and correct in all material respects (or, if already qualified by materiality therein, in all respects) as of such earlier date.
3.4 Organizational Documents.  There have been no changes to the articles or certificate of incorporation, by-laws, code of regulations, certificate of formation, limited liability company agreement or other organizational documents, as the case may be (collectively, the “Organizational Documents”) of such Loan Party since the most recent certification provided to the Administrative Agent, and such Organizational Documents remain in full force and effect
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17

as of the Amendment Effective Date.
Section 4CONDITIONS TO EFFECTIVENESS.
The date and time of the effectiveness of this Amendment (the “Amendment Effective Date”) is subject to the satisfaction of the following conditions precedent:
4.1Execution.  The Administrative Agent shall have received counterparts to this Amendment duly executed and delivered by an Authorized Officer of each Loan Party and the Lenders.
4.2Good Standing Certificates.  The Administrative Agent shall have received copies of certificates from the appropriate state officials (dated not more than thirty (30) days prior to the Amendment Effective Date) as to the continued existence and good standing of each Domestic Loan Party in each jurisdiction where organized.
4.3 Payment of Costs and Expenses.  The Borrowers shall have paid all outstanding and reasonable costs, expenses and the disbursements of the Administrative Agent and its advisors, service providers and legal counsels incurred in connection with the documentation of this Amendment, to the extent invoiced, as well as any other fees payable on or before the Amendment Effective Date pursuant to any fee letter or agreement with the Administrative Agent.
4.4Other.  All corporate and other proceedings, and all documents, instruments, certificates and other legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel.
The Administrative Agent or its counsel will advise the Parent and the Lenders promptly by electronic mail of the occurrence of the Amendment Effective Date.
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Section 5 MISCELLANEOUS.
5.1Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of laws rules thereof.
5.2Severability.  Any provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Amendment.
5.3Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, and all of which taken together shall constitute but one and the same instrument.
5.4Headings.  Section headings used in this Amendment are for the convenience of reference only and are not a part of this Amendment for any other purpose.
5.5Negotiations.  Each Loan Party acknowledges and agrees that all of the provisions contained herein were negotiated and agreed to in good faith after discussion with the Agents and the Lenders.
5.6Nonwaiver. The execution, delivery, performance and effectiveness of this Amendment shall not operate as, or be deemed or construed to be, a waiver: (i) of any right, power or remedy of the Lenders or the Agents under the Credit Agreement or the other Loan Documents, or (ii) of any term, provision, representation, warranty or covenant contained in the Credit Agreement or any other Loan Document.  Further, none of the provisions of this Amendment shall constitute, be deemed to be or construed as, a waiver of any Potential Default or Event of Default under the Credit Agreement as amended by this Amendment.
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5.7Reaffirmation.  Each Loan Party hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the Credit Agreement and each of the other Loan Documents to which it is a party and (ii) ratifies and reaffirms its grant of security interests and Liens under such documents and confirms and agrees that such security interests and Liens hereafter secure all of the Obligations.
5.8Confirmation of Obligations.  Each Loan Party hereby affirms as of the date hereof all of its respective Obligations and other obligations to each of the Lenders under and pursuant to the Credit Agreement and each of the other Loan Documents and that such Obligations and other obligations are owed to each of the Lenders according to their respective terms.  Each Loan Party hereby affirms as of the date hereof that there are no claims or defenses to the enforcement by the Agents or Lenders of the Obligations and other obligations of such Loan Party to each of them under and pursuant to the Credit Agreement or any of the other Loan Documents.
5.9Reference to and Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Amendment.
 [SIGNATURES FOLLOW]
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20

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Amendment as of the day and year first above written.
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STONERIDGE, INC.,
as a Borrower
​
STONERIDGE CONTROL DEVICES, INC.,
as a Borrower
​
STONERIDGE AFTERMARKET, INC.,
as a Guarantor
​
ORLACO INC.,
as a Guarantor
​
SRI DELAWARE HOLDINGS, LLC,
as a Guarantor
​
SRI HOLDINGS US LLC,
as a Guarantor
     By: Stoneridge, Inc., its sole member
​
​
By: /s/ Jonathan B. DeGaynor​ ​​ ​​ ​
Name: Jonathan B. DeGaynor
Title:  President
​
​
STONERIDGE ELECTRONICS, INC.,
as a Borrower
​
​
By: /s/ Matthew R. Horvath​ ​​ ​​ ​
Name: Matthew R. Horvath
Title:   Vice President & Treasurer
​
STONERIDGE B.V., as a Borrower
​
​
By: /s/ Jonathan B. DeGaynor​ ​​ ​​ ​
Name: Jonathan B. DeGaynor
Title:  Attorney-in-fact
​
​

[Signature Page to Amendment No. 3]

PNC BANK, NATIONAL ASSOCIATION, as
the Administrative Agent, the Collateral Agent and
a Lender
​
By: /s/ Scott Neiderheide​ ​​ ​​ ​
Name:  Scott Neiderheide
Title:    Senior Vice President
​
​

[Signature Page to Amendment No. 3]

CITIBANK, N.A., as a Lender
​
By: /s/ John J. McGuire​ ​​ ​​ ​
Name: John J. McGuire
Title: Senior Vice President
​
​

[Signature Page to Amendment No. 3]

CITIZENS BANK NATIONAL
ASSOCIATION, as a Lender
​
By: /s/ Erin Kane​ ​​ ​​ ​
Name: Erin Kane
Title: Workout Officer
​
​

[Signature Page to Amendment No. 3]

BMO HARRIS BANK, N.A., as a Lender
​
By: /s/ Douglas Steen​ ​​ ​​ ​
Name: Douglas Steen
Title: Director
​
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[Signature Page to Amendment No. 3]

U.S. BANK NATIONAL ASSOCIATION, as a Lender
​
By: /s/ Jeffrey S. Johnson​ ​​ ​​ ​
Name: Jeffrey S. Johnson
Title: Senior Vice President
​
​

[Signature Page to Amendment No. 3]

THE HUNTINGTON NATIONAL BANK, as a Lender
​
By: /s/ Cameron Hinojosa​ ​​ ​​ ​
Name: Cameron Hinojosa
Title: Vice President
​
​

[Signature Page to Amendment No. 3]

HSBC BANK USA, N.A., as a Lender
​
By: /s/ Shaun R. Kleinman​ ​​ ​​ ​
Name: Shaun R. Kleinman
Title: Senior Vice President
​
​

[Signature Page to Amendment No. 3]

KEYBANK NATIONAL ASSOCIATION, as a Lender
​
By: /s/ David Mannarino​ ​​ ​​ ​
Name: David Mannarino
Title: Michigan Market President
​
​

[Signature Page to Amendment No. 3]

NORTHWEST BANK, as a Lender
​
By: /s/ Stephen J. Orban​ ​​ ​​ ​
Name: Stephen J. Orban
Title: Senior Vice President
​
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[Signature Page to Amendment No. 3]

Annex I
​
SCHEDULE 1.1(A)
PRICING GRID--
VARIABLE PRICING AND FEES BASED ON LEVERAGE RATIO
​
	Level
	Leverage
Ratio
	Facility
Fee
	Letter of Credit Fee
	Revolving Credit Base Rate Spread
	Revolving Credit LIBOR Rate Spread

	I
	Less than 1.25 to 1.00
	0.25%
	1.25%
	0.25%
	1.25%

	II
	Greater than or equal to 1.25 to 1.00 but less than 2.00 to 1.00
	0.30%
	1.45%
	0.45%
	1.45%

	II
	Greater than or equal to 2.00 to 1.00 but less than 2.75 to 1.00
	0.30%
	1.70%
	0.70%
	1.70%

	IV
	Greater than or equal to 2.75 to 1.00 but less than 3.50 to 1.00
	0.35%
	1.90%
	0.90%
	1.90%

	V
	Greater than or equal to 3.50 to 1.00
	0.40%
	2.35%
	1.35%
	2.35%

​
For purposes of determining the Applicable Margin, the Applicable Facility Fee Rate and the Applicable Letter of Credit Fee Rate:
(a)The Applicable Margin, the Applicable Facility Fee Rate and the Applicable Letter of Credit Fee Rate shall be determined on the Third Amendment Effective Date based on the rates in Level V.
(b)The Applicable Margin, the Applicable Facility Fee Rate and the Applicable Letter of Credit Fee Rate shall be recomputed as of the end of each fiscal quarter ending after the Third Amendment Effective Date based on the Leverage Ratio as of such quarter end. Any increase or decrease in the Applicable Margin, the Applicable Facility Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under Section 8.3.3 [Certificate of Parent]. If a Compliance Certificate is not delivered when due in accordance with such Section 8.3.3 [Certificate of Parent], then the rates in Level V shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance
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Certificate is delivered; and the rates in Level V shall apply upon and during the continuance of any other Event of Default.
(c)If, as a result of any restatement of or other adjustment to the financial statements of the Parent or for any other reason, the Borrowers or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may be, under Section 2.9 [Letter of Credit Subfacility] or Section 4.3 [Interest After Default] or Section 9 [Default].  The Borrowers’ obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.
​
​

​

Annex II
​
SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
Part 1 - Commitments of Lenders and Addresses for Notices to Lenders
	Lender
	Amount of Commitment for Revolving Credit Loans
	Ratable Share

	Name: PNC Bank, National Association 
Address: 1900 East Ninth Street Cleveland, Ohio 44114
Attention: Lisa Baier
Telephone:  (412) 768-5447
Telecopy:  (412) 705-2400
​
	$60,000,000
	20.00%

	Name: Citibank, N.A.
Address: 227 West Monroe Street
24th Floor
Chicago, IL 60606
Attention: Michael Saurer
Telephone:  (312) 627-3488
​
	$52,500,000
	17.50%

	Name: Citizens Bank, National Association
Address: 71 S. Wacker Drive
Chicago, IL 60606
Attention: Lisa Garling, Corporate Banking Portfolio Manager
Telephone:  (312) 777-3610
Telecopy:  (312) 777-4003
​
	$39,000,000
	13.00%

	Name: BMO Harris Bank, N.A.
Address: 135 N. Pennsylvania St.,
9th Floor
Indianapolis, IN 46204
Attention: Betsy Phillips, VP Commercial Banking
Telephone:  (317) 269-1291
Telecopy:  (317) 269-2169
​
	$39,000,000
	13.00%

	Name: U.S. Bank National Association
Address: 425 Walnut Street
	$39,000,000
	13.00%

​
​

​

​
	Cincinnati, OH 45202
Attention: Michael Temnick
Telephone:  (513) 623-4133
Telecopy:  (513) 632-4894
​
	​
	​

	Name: The Huntington National Bank
Address: Two Towne Square
SOU607
Southfield, MI 48076
Attention: Steven J. McCormack, Managing Director
Telephone:  (248) 637-8234
Telecopy:  (877) 274-8593
​
	$24,000,000
	8.00%

	Name: HSBC Bank USA, N.A.
Address: 95 Washington St. Floor 1 SW
Buffalo, NY 14203
Attention: Meghan Quinn
Telephone:  (716) 841-5182
​
	$24,000,000
	8.00%

	Name: KeyBank National Association
Address: 400 Town Center Suite 1260
Southfield, MI 48075
Attention: Brandon Welling
Telephone:  (248) 204-6548
​
	$11,250,000
	3.75%

	Name: Northwest Bank
Address: 535 Smithfield St., Suite 501
Pittsburgh, PA  15222
Attention: C. Forrest Tefft, Senior Vice President
Telephone:  (412) 325-6216 ext. 3
Telecopy:  (412) 325-6250
​
	$11,250,000
	3.75%

	Total:
	$300,000,000
	100%

​

​

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