Document:

Exhibit 10.46

 

SUPPLEMENT NO. 1 TO 
 THE INDEMNITY, SUBROGATION AND CONTRIBUTION AGREEMENT

 

SUPPLEMENT NO. 1 dated as of February 7, 2012  (this “Supplement”), to the Indemnity, Subrogation and Contribution Agreement dated as of January 18, 2011 (as the same may be amended, supplemented or otherwise modified from time to time, the “Indemnity, Subrogation and Contribution Agreement”), among SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY, an Irish company (“STX”), SEAGATE HDD CAYMAN, an exempted limited liability company organized under the laws of the Cayman Islands (the “Borrower”), each of the subsidiaries of STX listed on Schedule I hereto (each such subsidiary individually, a “Subsidiary” and, collectively, the “Subsidiaries”; and each such Subsidiary, the Borrower and STX, individually, a “Guarantor” and, collectively, the “Guarantors”) and THE BANK OF NOVA SCOTIA, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below).

 

A.  Reference is made to (a) the Credit Agreement dated as of January 18, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, STX, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent, and (b) the U.S. Guarantee Agreement dated as of January 18, 2011 (as amended, supplemented or otherwise modified from time to time, the “U.S. Guarantee Agreement”), among the Guarantors (as defined therein) and the Administrative Agent.

 

B.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indemnity, Subrogation and Contribution Agreement and the Credit Agreement.

 

C.  The Borrower, STX and the other Guarantors have entered into the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make Loans and the Issuing Banks to issue Letters of Credit.  Pursuant to Section 5.13 of the Credit Agreement and the Collateral and Guarantee Requirement, each Subsidiary Loan Party that is formed or acquired after the Effective Date, and that is required to execute the U.S. Guarantee Agreement, is required to execute the Indemnity, Subrogation and Contribution Agreement.  Section 12 of the Indemnity, Subrogation and Contribution Agreement provides that additional Subsidiaries may become Guarantors under the Indemnity, Subrogation and Contribution Agreement by execution and delivery of an instrument in the form of this Supplement.  The undersigned Subsidiary (the “New Guarantor”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Indemnity, Subrogation and Contribution Agreement in order to induce the Lenders to make additional Loans and the Issuing Banks to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued.

 

Accordingly, the Administrative Agent and the New Guarantor agree as follows:

 

SECTION 1.       In accordance with Section 12 of the Indemnity, Subrogation and Contribution Agreement, the New Guarantor by its signature below becomes a Guarantor under

 

 

the Indemnity, Subrogation and Contribution Agreement with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the Indemnity, Subrogation and Contribution Agreement applicable to it as a Guarantor thereunder.  Each reference to a “Guarantor” in the Indemnity, Subrogation and Contribution Agreement shall be deemed to include the New Guarantor.  The Indemnity, Subrogation and Contribution Agreement is hereby incorporated herein by reference.

 

SECTION 2.       The New Guarantor represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION 3.       This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Guarantor and the Administrative Agent.  Delivery of an executed signature page to this Supplement by facsimile or Adobe .pdf transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.       Except as expressly supplemented hereby, the Indemnity, Subrogation and Contribution Agreement shall remain in full force and effect.

 

SECTION 5.       THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

SECTION 6.       In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Indemnity, Subrogation and Contribution Agreement shall not in any way be affected or impaired (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).  The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.       All communications and notices hereunder shall be in writing and given as provided in Section 7 of the Indemnity, Subrogation and Contribution Agreement.  All communications and notices hereunder to the New Guarantor shall be given to it at the address set forth under its signature below, with a copy to the Borrower.

 

SECTION 8.       The New Guarantor agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Administrative Agent (but subject to Section 9.03(a) of the Credit Agreement).

 

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this Supplement to the Indemnity, Subrogation and Contribution Agreement as of the day and year first above written.

 

	
 
    	
SEAGATE BUSINESS CENTRE (UK) LTD.,
    
	
 
    	
 
    	
 
    
	
 
    	
by
    	
/s/ KENNETH M. MASSARONI
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Kenneth M. Massaroni
    
	
 
    	
 
    	
Title: Director and Secretary
    
	
 
    	
 
    	
Address: c/o Seagate Technology LLC

10200 S. DeAnza Boulevard

Cupertino, CA95014

Attn: Treasury Department
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE BANK OF NOVA SCOTIA,
    
	
 
    	
as Administrative Agent,
    
	
 
    	
 
    	
 
    
	
 
    	
by
    	
/s/ EUGENE DEMPSEY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name: Eugene Dempsey
    
	
 
    	
 
    	
Title: Director, Corporate Banking
    
	
 
    	
 
    	
Address:
    

 

Signature Page to Supplement No. 1 to the Indemnity, Subrogation and Contribution AgreementExhibit 10.47

 

SUPPLEMENT NO. 2 dated as of February 14, 2012 (this “Supplement”), to the SECOND LIEN U.S. PLEDGE AGREEMENT dated as of May 1, 2009 (as amended, supplemented or otherwise modified from time to time, the “Second Lien U.S. Pledge Agreement”), among SEAGATE TECHNOLOGY, an exempted limited liability company organized under the laws of the Cayman Islands (the “Company”), each of the other Guarantors of the Notes (each as defined in the Indenture referred to below) from time to time party thereto (each such Guarantor and the Company are referred to herein individually as a “Pledgor” and collectively as the “Pledgors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined in the Second Lien U.S. Security Agreement referred to below).

 

A.  Reference is made to (a) the Indenture, dated as of May 1, 2009 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among Seagate Technology International, an exempted limited liability company organized under the laws of the Cayman Islands and a Subsidiary (as defined in the Indenture) of the Company (the “Issuer”), the Company, the other Guarantors from time to time party thereto (collectively, the “Guarantors”) and Wells Fargo Bank, National Association, as trustee, pursuant to which the Issuer issued 10.00% Senior Secured Second-Priority Notes due 2014, and (b) the Second Lien U.S. Security Agreement, dated as of May 1, 2009 (as amended, supplemented or otherwise modified from time to time, the “Second Lien U.S. Security Agreement”), among the Issuer, the Company, the other Guarantors from time to time party thereto and the Collateral Agent.

 

B.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Second Lien U.S. Pledge Agreement and, if not defined therein, the Indenture.

 

C.  Pursuant to Section 11.01 of the Indenture, any Guarantor that acquires material property (other than Excluded Property) that is not automatically subject to a perfected security interest under the Security Agreements, shall execute and deliver to the Collateral Agent such security agreement supplements covering such Collateral.

 

D.  Each of Seagate Technology (US) Holdings, Inc. (“Seagate Technology (US) Holdings”) and EVault, Inc. (f/k/a i365, Inc.) (“EVault”) are Pledgors and desire to include additional Equity Interests as Pledged Interests under the Second Lien U.S. Security Agreement.

 

Accordingly, Seagate Technology (US) Holdings, EVault and the Collateral Agent agree as follows:

 

SECTION 1.  Schedule II in the Second Lien U.S. Security Agreement is hereby supplemented by adding the Equity Interests identified on Schedule A to this Supplement

 

 

to such Schedule II.  Each of Seagate Technology (US) Holdings and EVault confirm that the Equity Interests identified in Schedule A to this Supplement are Pledged Interests and Collateral under the Second Lien U.S. Security Agreement.

 

SECTION 2.  Each of Seagate Technology (US) Holdings and EVault represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION 3.  This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Pledgors and the Collateral Agent.  Delivery of an executed signature page to this Supplement by facsimile or Adobe .pdf transmission shall be as effective as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.  Except as expressly supplemented hereby, the Second Lien U.S. Pledge Agreement shall remain in full force and effect.

 

SECTION 5.  THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

SECTION 6.  In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, neither party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the Second Lien U.S. Pledge Agreement shall not in any way be affected or impaired (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction).  The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, Each of Seagate Technology (US) Holdings, EVault and the Collateral Agent have duly executed this Supplement to the Second Lien U.S. Pledge Agreement as of the day and year first above written.

 

	
 
    	
SEAGATE   TECHNOLOGY(US) HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   PATRICK J. O’MALLEY, III
    
	
 
    	
 
    	
Name:   Patrick J. O’Malley, III
    
	
 
    	
 
    	
Title:   Executive Vice President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
EVAULT,   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   PATRICK J. O’MALLEY, III
    
	
 
    	
 
    	
Name:   Patrick J. O’Malley, III
    
	
 
    	
 
    	
Title:   Executive Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as   Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MADDY HALL
    
	
 
    	
 
    	
Name:   Maddy Hall
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

Schedule A to

Supplement No. 2

to the Second Lien U.S. Pledge Agreement

 

CAPITAL STOCK OR OTHER EQUITY INTERESTS

 

	
Issuer
    	
 
    	
Number of
   Certificate
    	
 
    	
Registered
   Owner
    	
 
    	
Number and   Class of
   Shares or Other
   Equity Interests
    	
 
    	
Percentage   of 
   Shares or Other
   Equity Interests
    
	
Seagate Technology   Canada Inc.
    	
 
    	
C-2
    	
 
    	
Seagate   Technology (US) Holdings, Inc.
    	
 
    	
5,000
    	
 
    	
100%
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
EVault Canada, Inc.
    	
 
    	
C-4
    	
 
    	
EVault, Inc.
    	
 
    	
1 Common
    	
 
    	
0.099%

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