Document:

TWC_EX10.2_2013 Q3-13

        

EXHIBIT 10.2
THE WENDY’S COMPANY 
LONG TERM PERFORMANCE UNIT AWARD AGREEMENT (the “Agreement”)  

The Wendy’s Company (the “Company”), pursuant to the provisions of the Wendy’s/Arby’s Group, Inc. 2010 Omnibus Award Plan (the “Plan”), hereby irrevocably grants an Award (the “Award”) of Performance Units (the “Units”), on __________, 20__ (the “Award Date”) as specified below:
	
		
	Participant:
	______________________

	Performance Period:
	July 1, 2013 to January 3, 2016

	Target Adjusted EPS Units:
	____________ (the “Adjusted EPS Units”)

	Target New Restaurant Opens/ Remodels Units:
	____________ (the “New Restaurant Units”)

Each Unit represents the right to receive one share of Common Stock provided that the applicable performance goal as described in this Agreement is achieved.  Capitalized terms used and not otherwise defined in this Agreement shall have the respective meanings assigned to them under the Plan.
1.Adjusted EPS.
(a)    Earning of Award.  The extent to which the Participant will earn the Adjusted EPS Units is based on the Company’s cumulative adjusted EPS for the Performance Period compared to the cumulative adjusted EPS Target established by the Committee for the Performance Period as shown in the chart below (with the Threshold, Above Threshold, Target, Above Target and Maximum cumulative adjusted EPS amounts to be set forth on a separate exhibit which will be provided to the Participant).
	
			
	Company Cumulative Adjusted EPS
	 
	Percentage of Adjusted EPS Units Earned

	Maximum
	 
	200%

	Above Target
	 
	150%

	Target
	 
	100%

	Above Threshold
	 
	75%

	Threshold
	 
	37.5%

	Below Threshold
	 
	0%

Linear interpolation shall be used to determine the percentage of Adjusted EPS Units earned in the event the Company’s cumulative adjusted EPS falls between the (i) Threshold and Above Threshold, (ii) Above Threshold and Target, (iii) Target and Above Target or (iv) Above Target and Maximum performance levels shown the chart above.  The Company’s cumulative adjusted EPS will be determined as set forth in Section 1(b) below.

(b)    Calculation of Adjusted EPS.  The Company’s cumulative adjusted EPS means the sum of the Company’s Adjusted EPS (as defined below) for the Performance Period.
“Adjusted EPS” means the diluted net income (loss) per share (after taxes) attributable to The Wendy’s Company as reported on the Company’s Consolidated Statements of Operations, as adjusted to exclude the after-tax impact of (i) debt extinguishment costs, (ii) accelerated depreciation on image activation remodels, (iii) facilities action charges, net, (iv) Arby’s special dividends, (v) costs associated with restaurant closure programs, (vi) asset write-downs (including asset impairment and goodwill impairment charges and write-downs of other intangibles), (vii) gains or losses from hedging transactions (including swap ineffectiveness), (viii) acquisitions and dispositions unrelated to system optimization, (ix) foreign exchange gains and losses, (x) tax expense related to the reversal of foreign investment election, (xi) changes in accounting principles and (xii) any other extraordinary, unusual or nonrecurring events as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year.  Each adjustment made pursuant to the preceding sentence shall be calculated by reference to the applicable line item on the Company’s Consolidated Statements of Operations or the applicable account or journal entry on the Company’s general ledger.
2.    New Restaurant Opens/Remodels.
(a)    Earning of Award.  The extent to which the Participant will earn the New Restaurant Units is based on the percentage of North America System Restaurants (as defined below) that are opened or remodeled during the Performance Period as shown in the chart below (with the Threshold, Above Threshold, Target, Above Target and Maximum percentages to be set forth on a separate exhibit which will be provided to the Participant). 
	
			
	Company New Restaurant Opens/Remodels
	 
	Percentage of New Restaurant Units Earned

	Maximum
	 
	200%

	Above Target
	 
	150%

	Target
	 
	100%

	Above Threshold
	 
	75%

	Threshold
	 
	37.5%

	Below Threshold
	 
	0%

 “North America System Restaurants” means all Company-operated restaurants and franchised restaurants located in the United States or Canada.  

Linear interpolation shall be used to determine the percentage of New Restaurant Units earned in the event the percentage of North America System Restaurants that are opened or remodeled falls between the (i) Threshold and Above Threshold, (ii) Above Threshold and Target, (iii) Target and Above Target or (iv) Above Target and Maximum performance levels shown the chart above.  The percentage of North America System Restaurants that are opened or remodeled will be determined as set forth in Section 2(b) below.    

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(b)    Calculation of New Restaurant Opens/Remodels.  The percentage of North America System Restaurants that are opened or remodeled during the Performance Period means:
		
	(i)
	the sum of (A) the number of North America System Restaurants that are opened during the Performance Period and (B) the number of North America System Restaurants that are remodeled during the Performance Period, including, in each case, the number of restaurants that are under construction as of the last day of the Performance Period; divided by

		
	 (ii)
	the number of North America System Restaurants that are open as of the last day of the Performance Period.

3.    Form and Timing of Payments Under Award.
(a)    Following the end of the Performance Period, the Committee shall determine whether and the extent to which the Company’s cumulative adjusted EPS and the percentage of North America System Restaurants that are opened or remodeled (the “Performance Goals”) have been achieved for the Performance Period and shall determine the number of shares of Common Stock, if any, issuable to the Participant with respect to the level of achievement of the Performance Goals; provided that with respect to any Award to a “covered employee” within the meaning of Section 162(m) of the Code, the Committee shall have certified the achievement of the Performance Goals.  The Committee’s determinations with respect to the achievement of the Performance Goals shall be based on (i) with respect to the Company’s cumulative adjusted EPS, the Company’s financial statements, and (ii) with respect to the percentage of North America System Restaurants that are opened or remodeled, the Company’s real estate property records, in each case subject to any adjustments made by the Committee in accordance with this Section 3.
(b)    Notwithstanding satisfaction, achievement or completion of the Performance Goals (or any adjustments thereto as provided below), the number of shares of Common Stock issuable hereunder may be reduced or eliminated by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine.  The Committee shall have the right to adjust or modify the calculation of the Performance Goals as permitted under the Plan.
(c)      To the extent the Committee has determined that this Award is a Performance Compensation Award and is intended to comply with the performance-based exception to Section 162(m) of the Code, and the Participant is a “covered employee” within the meaning of Section 162(m) of the Code, all actions taken hereunder (including without limitation any adjustments of the Performance Goals) shall be made in a manner intended to comply with Section 162(m) of the Code, subject to Section 11(a) of the Plan.
(d)    The Units earned pursuant to this Award shall be paid out to the Participant in shares of Common Stock as soon as reasonably practicable following the Committee’s 

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determination, but in no event later than __________, 20__.  For the avoidance of doubt, fractional shares of Common Stock shall be rounded down to the nearest whole number without any payment therefor.  
4.    Termination of Employment or Service.   
(a)    If the Participant ceases employment or service to the Company and its Subsidiaries for any reason prior to the end of the Performance Period, the Units shall be immediately canceled and the Participant shall thereupon cease to have any right or entitlement to receive any shares of Common Stock under the Award. 
(b)    Notwithstanding Sections 3(d) and 4(a) above, in the event (A) the Participant’s employment or service to the Company and its Subsidiaries is terminated  by the Company or its Subsidiaries other than for Cause (and other than due to death or Disability), or by the Participant for Good Reason, in each case within 12 months following a Change in Control, or (B) the Participant’s employment or service to the Company and its Subsidiaries is terminated by the Company or its Subsidiaries due to death or Disability, outstanding Units granted to the Participant shall become vested and the restrictions thereon shall immediately lapse as of the date of such termination of employment or service; provided, that the portion of any such Units that shall become fully vested and free from such restrictions shall be based on (x) actual performance through the date of termination as determined by the Committee, or (y) if the Committee determines that measurement of actual performance cannot be reasonably assessed, the assumed achievement of Target performance as determined by the Committee, in each case prorated based on the time elapsed from the Award Date to the date of termination of employment or service.  The Units earned in accordance with the foregoing shall be paid out to the Participant in shares of Common Stock as soon as practicable following the Committee’s determination, but in no event later than 74 days following the last day of the calendar year in which the termination of employment occurred.
5.    Dividend Equivalent Rights.  Each Unit shall also have a dividend equivalent right (a “Dividend Equivalent Right”).  Each Dividend Equivalent Right represents the right to receive all of the ordinary cash dividends that are or would be payable with respect to the Units.  With respect to each Dividend Equivalent Right, any such cash dividends shall be converted into additional Units based on the Fair Market Value of a share of Common Stock on the date such dividend is paid.  Such additional Units shall be subject to the same terms and conditions applicable to the Unit to which the Dividend Equivalent Right relates, including, without limitation, the restrictions on transfer, forfeiture, vesting and payment provisions contained in this Agreement.  In the event that a Unit is forfeited as provided in Sections 3 and 4 above, then the related Dividend Equivalent Right shall also be forfeited. 
6.    Withholding Taxes.  The Participant shall be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under the Units or from any compensation or other amounts owing to the Participant, the amount (in cash, Common Stock, other securities or other property) of any required withholding taxes in respect of the Units, and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes.  In addition, 

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the Committee may, in its sole discretion, permit the Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the minimum required statutory withholding liability) by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) owned by the Participant having a Fair Market Value equal to such withholding liability or (B) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the settlement of the Units a number of shares with a Fair Market Value equal to such withholding liability.  The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.
7.    Securities Laws.  The Participant agrees that the obligation of the Company to issue shares of Common Stock upon the achievement of the Performance Goals shall also be subject, as conditions precedent, to compliance with applicable provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, state securities or corporation laws, rules and regulations under any of the foregoing and applicable requirements of any securities exchange upon which the Company’s securities shall be listed.
8.    Units Subject to Plan.  The Units have been granted subject to the terms and conditions of the Plan, a copy of which has been provided to the Participant and which the Participant acknowledges having received and reviewed.  Any conflict between this Agreement and the Plan shall be decided in favor of the provisions of the Plan.  Any conflict between this Agreement and the terms of a written employment agreement for the Participant that has been approved, ratified or confirmed by the Board of Directors of the Company or the Committee shall be decided in favor of the provisions of such employment agreement.  This Agreement may not be amended, altered, suspended, discontinued, cancelled or terminated in any manner that would materially and adversely affect the rights of the Participant except by a written agreement executed by the Participant and the Company.
9.    Clawback.  Notwithstanding anything to the contrary contained herein, in the event of a material restatement of the Company’s issued financial statements, the Committee shall review the facts and circumstances underlying the restatement (including, without limitation any potential wrongdoing by the Participant and whether the restatement was the result of negligence or intentional or gross misconduct) and may in its sole discretion direct the Company to recover all or a portion of the Units or any gain realized on the settlement of the Units or the subsequent sale of Common Stock acquired upon settlement of the Units with respect to any fiscal year in which the Company’s financial results are negatively impacted by such restatement.  If the Committee directs the Company to recover any such amount from the Participant, then the Participant agrees to and shall be required to repay any such amount to the Company within 30 days after the Company demands repayment.  In addition, if the Company is required by law to include an additional “clawback” or “forfeiture” provision to outstanding awards, then such clawback or forfeiture provision shall also apply to this Award as if it had been included on the date of grant and the Company shall promptly notify the Participant of such additional provision.  In addition, if a court determines that a Participant has engaged or is engaged in Detrimental Activities after the Participant’s employment or service with the Company or its Subsidiaries has ceased, then the Participant, within 30 days after written demand by the Company, shall return the Units or any gain realized on the 

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settlement of the Units or the subsequent sale of Common Stock acquired upon settlement of the Units. 
10.    Electronic Delivery.  By accepting the Units evidenced by this Agreement, the Participant hereby consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by Securities and Exchange Commission rules.  This consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will be delivered in hard copy to the Participant.
11.    Notices.  Notices and communications under this Agreement must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid.  Notices to the Company must be addressed to The Wendy’s Company, One Dave Thomas Blvd., Dublin, Ohio 43017; Attn: Corporate Secretary, or any other address designated by the Company in a written notice to the Participant.  Notices to the Participant will be directed to the address of the Participant then currently on file with the Company, or at any other address given by the Participant in a written notice to the Company.
12.    No Contract of Employment.  This grant does not constitute an employment contract.  Nothing herein shall confer upon the Participant the right to continue to serve as a director or officer to, or to continue as an employee or service provider of, the Company or its Subsidiaries during all or any portion of the Performance Period.
13.    Section 409A.  If any provision of this Agreement could cause the application of an accelerated or additional tax under Section 409A of the Code upon the vesting or settlement of the Units (or any portion thereof), such provision shall be restructured, to the minimum extent possible, in a manner determined by the Company (and reasonably acceptable to the Participant) that does not cause such an accelerated or additional tax.  It is intended that this Agreement shall not be subject to Section 409A of the Code by reason of the short-term deferral rule under Treas. Reg. section 1.409A-1(b)(4), and this Agreement shall be interpreted accordingly.
14.    Governing Law.  The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.
15.    Validity of Agreement.  This Agreement shall be valid, binding and effective upon the Company on the Award Date.  However, the Units evidenced by this Agreement shall be forfeited by the Participant and this Agreement shall have no force and effect if it is duly rejected.  The Participant may reject this Agreement and forfeit the Units by notifying the Company or its designee in the manner prescribed by the Company and communicated to the Participant; provided that such rejection must be received by the Company or its designee no later than the earlier of (i) __________, 20__ and (ii) the date the Units first vest pursuant to the terms hereof.  If this Agreement is rejected on or prior to such date, the Units evidenced by this Agreement shall be forfeited, and neither the Participant nor the Participant’s heirs, executors, administrators and successors shall have any rights with respect thereto.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by an officer duly authorized thereto as of the _____ day of __________, 20__.

THE WENDY’S COMPANY
		
	By:  
	 
Name:   
Title:    

7HSC-EX10.1_2013.9.30

Exhibit 10.1

AMENDMENT NO. 1
TO AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT
AMENDMENT NO. 1 TO AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT (this “Amendment”), dated as of September 12, 2013, among HARSCO CORPORATION, a Delaware corporation, as Borrower (the “Company”), the Lenders party hereto and CITIBANK, N.A., as Administrative Agent.
WITNESSETH
WHEREAS, the Company, the Lenders and the Administrative Agent have entered into that certain Amended and Restated Five-Year Credit Agreement dated as of March 2, 2012 (as amended, supplemented or otherwise modified through the date hereof, the “Credit Agreement”); 
WHEREAS, the Company, the Required Lenders and the Administrative Agent have agreed to amend the Credit Agreement as hereinafter set forth on the terms and conditions set forth herein;
NOW THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Definitions and References.  Capitalized terms not otherwise defined herein shall have the meanings attributed thereto in the Credit Agreement.
    

    

SECTION 2.  Amendments.  Effective as of the First Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:
(a)  Section 1.01 of the Credit Agreement is amended by deleting the table in the definition of “Applicable Margin” and substituting in lieu thereof the following table:
	
		
	 
	Applicable Margin
(basis points
per annum)

	Category 1
BBB+ or higher by S&P;
Baal or higher by Moody's
	137.5

	Category 2
BBB by S&P;
Baa2 by Moody's
	150.0

	Category 3
BBB- by S&P;
Baa3 by Moody's
	175.0

	Category 4
BB+ by S&P;
Ba1 by Moody's
	200.0

	Category 5
BB or lower by S&P;
Ba2 or lower by Moody's
	250.0

(b)  Section 1.01 of the Credit Agreement is amended by deleting the table in the definition of “Commitment Fee Percentage” and substituting in lieu thereof the following table:
	
		
	 
	Commitment Fee
Percentage

	Category 1
BBB+ or higher by S&P;
Baal or higher by Moody's
	0.175%

	Category 2
BBB by S&P;
Baa2 by Moody's
	0.200%

	Category 3
BBB- by S&P;
Baa3 by Moody's
	0.250%

	Category 4
BB+ by S&P;
Ba1 by Moody's
	0.350%

	Category 5
BB or lower by S&P;
Ba2 or lower by Moody's
	0.500%

(c)  Section 1.01 of the Credit Agreement is amended by amending and restating in its entirety the definition of “Consolidated EBITDA” as follows:
““Consolidated EBITDA” shall mean, at any date of determination, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for the most recently completed consecutive four fiscal quarters plus (a) the following to the extent deducted in calculating Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income or excise taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) losses on sales of assets outside the ordinary course of business and losses from discontinued operations and (v) any other nonrecurring or noncash items for such period minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) any extraordinary income or gains, (ii) gains on sales of assets outside the ordinary course of business and gains from discontinued operations and (iii) any other nonrecurring or non-cash income.”
(d)  Section 1.01 of the Credit Agreement is amended by amending and restating in its entirety the definition of “Consolidated Interest Charges” as follows:
“Consolidated Interest Charges” shall mean, for the most recently completed consecutive four fiscal quarters, for the Company and its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses of the Company and its Subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Borrower and its Subsidiaries with respect to such period under capital leases that is treated as interest in accordance with GAAP.
(e)  Section 1.01 of the Credit Agreement is amended by adding the following new defined terms in proper alphabetical order:
““Anti-Terrorism Law” shall mean any applicable law related to money laundering or financing terrorism including the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001).”
““Blocked Person”  shall mean any person that (a) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”) or resides, is organized or chartered, or has a place of business in a country or territory subject to OFAC sanctions or embargo programs or (b) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act, or any other applicable law.”
““First Amendment” shall mean the Amendment No. 1 to Amended and Restated         Five-Year Credit Agreement dated as of September 12, 2013, among the     Borrower, the Lenders party thereto, and the Administrative Agent.”

““First Amendment Effective Date” shall have the meaning given to such term in     the First Amendment.”
(f)  Section 1.01 of the Credit Agreement is amended by deleting the definitions of “Total Capital” and “Net Worth”.
(g)  Article III of the Credit Agreement is amended by adding the following new Section 3.20:
SECTION 3.20.      Anti-Terrorism Regulations.   Neither the Company nor any of its Subsidiaries:
“(a) (i) has violated any Anti-Terrorism Laws or (ii) has engaged in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of prohibited offenses designated by the Organization for Economic Co-operation and Development's Financial Action Task Force on Money Laundering;
(b) is a Blocked Person; or
(c) (i) conducts any business or engages in making or receiving any contribution of goods, services or money to or for the benefit of any Blocked Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.”
(h)  Section 6.06 of the Credit Agreement is amended by deleting such Section in its entirety and substituting in lieu thereof the following new Section 6.06:
“SECTION 6.06    Total Debt to Consolidated EBITDA.  The Company will not permit the ratio of Total Debt to Consolidated EBITDA at any time on or after the First Amendment Effective Date to exceed the ratio of 3.50 to 1.00.”
(i)  Article VI of the Credit Agreement is amended by adding the following new Section 6.09:
“SECTION 6.09.      Compliance with Anti-Terrorism Regulations.   (a) (i) Violate any Anti-Terrorism Laws or (ii) engage in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of prohibited offenses designated by the Organization for Economic Co-operation and Development's Financial Action Task Force on Money Laundering;
(b) Become a Blocked Person; or
(c) (i) Conduct any business or engage in making or receiving any contribution of goods, services or money to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempt to violate, any of the prohibitions set forth in any Anti-Terrorism Law.”

SECTION 3.  Representations and Warranties.   The Company represents and warrants as of the date hereof and as of the First Amendment Effective Date that:
(a)  This Amendment has been duly authorized, executed and delivered by the Company; 
(b)  Each of this Amendment and the Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application relating to or affecting the rights and remedies of creditors generally or (ii) general principles of equity; 
(c)  No authorizations, approvals or consents of, and no filings or registrations with, any Governmental Authority, or any securities exchange, are necessary for the execution, delivery or performance by the Company of this Amendment or for the legality, validity or enforceability hereof, other than authorizations, approvals, consents, and filings and registrations that have already been obtained prior to the date hereof;
(d) The representations and warranties set forth in Article III of the Credit Agreement shall be true and correct on the date hereof and as of the First Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date; and
(e)  No Event of Default or Default shall have occurred and be continuing.
SECTION 4.  Ratification.  Except as amended hereby, the Credit Agreement and all other documents executed in connection therewith shall remain in full force and effect.  The Credit Agreement, as amended hereby, and all rights and powers created thereby or thereunder and under such other documents are in all respects ratified and confirmed.
SECTION 5.  Consent Fee.  The Company agrees to pay to each Lender executing and delivering (including by facsimile transmission or electronic mail) this Amendment (such Lender, a “Consenting Lender”), on or before 5:00 P.M., New York time, August 26, 2013, a fee equal to 0.05% of the Commitment of such Lender (the “Consent Fee”).  The Company shall pay the Consent Fee to the Administrative Agent (for the benefit of the Consenting Lenders) no later than the First Amendment Effective Date.
SECTION 6.  Conditions Precedent.  The effective date of this Amendment (the “First Amendment Effective Date”) shall be that date when, to the satisfaction of the Administrative Agent, the following conditions shall been satisfied or waived:
(a)  The Administrative Agent (or its counsel) shall have received from the Borrower and the Required Lenders either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile transmission or electronic mail transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment; 
(b)  The representations and warranties set forth in Section 3 of this Amendment are true and correct on and as of the First Amendment Effective Date;
(c)  No Event of Default or Default shall have occurred and be continuing on the First Amendment Effective Date;

(d)  The Administrative Agent shall have received a certificate executed by an authorized officer of the Borrower dated the First Amendment Effective Date confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of this Section 6; 
(e)  The Administrative Agent shall have received (i) a certificate of the Secretary or Assistant Secretary of the Company dated the First Amendment Effective Date certifying (A) that attached thereto is a true and complete copy of resolutions adopted by the Board of Directors of the Company authorizing the execution, delivery and performance of this Amendment, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (B) as to the incumbency and specimen signature of each officer of the Company executing this Amendment or any other document delivered in connection herewith and (ii) a certificate of another officer of the Company as to the incumbency and signature of the Secretary or such Assistant Secretary of the Company executing the certificate pursuant to (i) above;
(f)  The Administrative Agent shall have received payment (for the benefit of the Consenting Lenders) of the Consent Fee; and
(g)  Each of the Administrative Agent and Citigroup Global Markets Inc., as arranger, shall have received payment or reimbursement of all fees payable to it by the Company on or prior to the First Amendment Effective Date and its reasonable out-of-pocket expenses in connection with this Amendment including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in each case, for which invoices have been received by the Company on or prior to the First Amendment Effective Date.
SECTION 7.  Miscellaneous.
(a)  The Credit Agreement and this Amendment shall be read, taken and construed as one and the same instrument from and after the Effective Date.
(b)  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
(c)  Any references in the Credit Agreement to “this Agreement”, “hereunder”, “herein” or words of like import, and each reference in any other document executed in connection with the Agreement, to “the Agreement”, “thereunder”, “therein” or words of like import, shall, from and after the First Amendment Effective Date, mean and be a reference to the Agreement as amended hereby.
(d)  The Company agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, whether or not the First Amendment Effective Date occurs.
(e)  This Amendment shall be deemed to be a Loan Document.
(f)  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 6.  Delivery of an executed signature page of this Amendment by facsimile transmission or electronic mail shall be as effective as delivery of a manually executed counterpart hereof.
[Remainder of page intentionally left blank; Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
HARSCO CORPORATION, as Borrower

By /s/ F. Nicholas Grasberger, III    
    Name:  F. Nicholas Grasberger, III
   Title: Senior Vice President and
 Chief Financial Officer

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

CITIBANK, N.A., as Administrative Agent

By /s/ Christopher Hartzell    
     Name: Christopher Hartzell
     Title: Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

CITIBANK, N.A., as Lender

By /s/ Christopher Hartzell    
     Name: Christopher Hartzell
     Title: Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

THE ROYAL BANK OF SCOTLAND PLC, as Lender

By /s/ L. Peter Yetman        
     Name: L. Peter Yetman
     Title: Director

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

HSBC Bank USA, N.A., as Lender

By /s/ Tanya Dyke        
     Name: Tanya Dyke
     Title: VP, Global Relationship Manager

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

ING BANK N.V., DUBLIN BRANCH, as Lender

By /s/ Pádraig Matthews    
     Name: Pádraig Matthews
     Title: Vice President 

By /s/ Sean Hasett        
     Name: Sean Hasett
     Title: Director 

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

JPMorgan Chase Bank, N.A., as Lender

By /s/ Deborah R. Winkler    
     Name: Deborah R. Winkler
     Title: Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

LLOYDS TSB BANK PLC, as Lender

By /s/ Karen Weich        
     Name: Karen Weich
     Title: Vice President - W011

By /s/ Dennis McClellan    
     Name: Dennis McClellan
     Title: Assistant Vice President - M040

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Lender

By /s/ George Stoecklein    
     Name: George Stoecklein
     Title: Director

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

PNC BANK, NATIONAL ASSOCIATION, as Lender

By /s/ Domenic L. D'Ginto        
     Name: Domenic L. D'Ginto, CFA
     Title: Senior Vice President  

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

Commerzbank AG, New York Branch, as Lender

By /s/ Patrick Hartweger        
     Name: Patrick Hartweger
     Title: Managing Director

By /s/ Michael Ravelo            
     Name: Michael Ravelo
     Title: Director

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

U.S. Bank National Association, as Lender

By /s/ Mark E. Irey            
     Name: Mark E. Irey
     Title: Assistant Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

Wells Fargo Bank, N.A., as Lender

By /s/ James Travagline        
     Name: James Travagline
     Title: Director

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

Manufacturers and Traders Trust Company, as Lender

By /s/ Derek Lynch            
     Name: Derek Lynch
     Title: Assistant Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

THE NORTHERN TRUST COMPANY, as Lender

By /s/ Andrew D. Holtz        
     Name: Andrew D. Holtz
     Title: Senior Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

Svenska Handelsbanken AB (publ) New York branch, as Lender

By /s/ Maria Kolsrud            
     Name: Maria Kolsrud
     Title: Vice President

By /s/ Anders Abelson            
     Name: Anders Abelson
     Title: Senior Vice President

[Signature Page to Amendment No. 1 to Five-Year Revolving Credit Agreement (Harsco Corporation)]

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