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Exhibit 10.1

FIFTH AMENDMENT
TO THE
THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
OF
 COLONY CAPITAL OPERATING COMPANY, LLC

    This Fifth Amendment to the Third Amended and Restated Limited Liability Company Agreement of Colony Capital Operating Company, LLC, a Delaware limited liability company (the “Company”), dated as of July 1, 2021 (this “Amendment”), by DigitalBridge Group, Inc. (f/k/a Colony Capital, Inc.), a Maryland corporation, as the managing member of the Company (the “Managing Member”).

WHEREAS, the Company is as a Delaware limited liability company that was formed under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.) (the “Act”), and is currently governed by the Third Amended and Restated Limited Liability Company Agreement of the Company, dated as of January 10, 2017 (the “Agreement”);

WHEREAS, on June 22, 2021, Donna Hansen as an “authorized person” of the Company within the meaning of the Act, filed in the office of the Secretary of State that certain Certificate of Amendment to the Certificate of Formation of the Company (the “Certificate of Amendment”), which amended the Company's Certificate of Formation by changing the name of the Company from “Colony Capital Operating Company, LLC” to “DigitalBridge Operating Company, LLC”; and

WHEREAS, the Managing Member desires to approve, confirm and ratify the execution, delivery and filing of the Certificate of Amendment, and all other certificates relating to the Company's Certificate of Formation on file with the Secretary of State as of the date of this Amendment, and to amend the Agreement as set forth herein.
    NOW, THEREFORE, the undersigned, in consideration of the promises, covenants and agreements contained herein, does hereby agree as follows:

1.    Amendment.  The Agreement is hereby amended to change the name of the Company from “Colony Capital Operating Company, LLC” to “DigitalBridge Operating Company, LLC.” All references in the Agreement to “Colony Capital Operating Company, LLC” are hereby deleted and “DigitalBridge Operating Company, LLC” is hereby substituted in lieu thereof.

2.    Ratification.  The execution, delivery and filing with the office of the Secretary of State of the Certificate of Amendment, by Donna Hansen as an “authorized person” of the Company within the meaning of the Act, and all other certificates relating to the Company's Certificate of Formation on file with the Secretary of State as of the date of this Amendment, are hereby approved, ratified and confirmed in all respects. Upon the filing of the Certificate of Amendment with the Secretary of State of the State of Delaware, such person's powers as an “authorized person” of the Company ceased.

3.    Binding Effect.  This Amendment shall be binding upon, and shall enure to the benefit of, the parties hereto and all other parties to the Agreement and their respective successors and assigns.

4.    Agreement in Effect.  Except as hereby amended, the Agreement shall remain in full force and effect.

5.    Governing Law.  This Amendment shall be governed by, and interpreted in accordance with, the laws of the State of Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws.

6.    Severability.  Each provision of this Amendment shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Amendment that are valid, enforceable and legal.

[Signature Page follows]

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the day and year first above written.

MANAGING MEMBER:

DIGITALBRIDGE GROUP, INC.

By:    /s/ Ronald M. Sanders_____________________
Name:    Ronald M. Sanders
Title:    Executive Vice President, Chief
Legal Officer & Secretarysupplementalindentureexe

26970359.7.BUSINESS THIRD SUPPLEMENTAL INDENTURE  This Third Supplemental Indenture, made as of August 6, 2021 (the “Supplemental  Indenture”), to that certain Indenture (as such indenture has been supplemented and amended by  the First Supplemental Indenture, dated November 3, 2020 and by the Second Supplemental  Indenture, dated as of November 19, 2020, the “Existing Indenture” and the Existing Indenture, as  it may from time to time be supplemented or amended by one or more additional indentures  supplemental thereto entered into pursuant to the applicable provisions thereof, being hereinafter  called the “Indenture”) dated as of July 15, 2019 among Aquestive Therapeutics, Inc., a Delaware  corporation with an address at 30 Technology Drive, Warren, New Jersey 07059 (the “Issuer”),  any Guarantor that becomes party thereto pursuant to Section 4.10 of the Existing Indenture, and  U.S. Bank National Association, as trustee (the “Trustee”) and as collateral agent (the “Collateral  Agent”).  WHEREAS, the Issuer has heretofore executed and delivered to the Trustee the Existing  Indenture, providing for the issuance of an aggregate principal amount of up to $104.0 million of  12.5% Senior Secured Notes due 2025;  WHEREAS, the Issuer proposes to amend the Existing Indenture (the “Proposed  Amendments”), which amendments, pursuant to Section 9.02 of the Indenture, must be approved  with the written consent of Holders of a majority in principal amount of the outstanding Notes  voting as a single class (the “Required Holders”);  WHEREAS, the Issuer has received and delivered to the Trustee and to the Collateral  Agent the consent of the Required Holders to the Proposed Amendments (the “Holder Consent”);  WHEREAS, the Issuer has been authorized by a resolution of its board of directors to enter  into this Supplemental Indenture;  WHEREAS, all other acts and proceedings required by law, by the Existing Indenture and  by the certificate of incorporation and bylaws of the Issuer to make this Supplemental Indenture a  valid and binding agreement for the purposes expressed herein, in accordance with its terms, have  been duly done and performed;  WHEREAS, pursuant to Section 9.02, the Trustee and the Collateral Agent are authorized  to execute and deliver this Supplemental Indenture; and  WHEREAS, following the execution of this Supplemental Indenture, the terms hereof will  become operative on the date hereof.  NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:  That, for and in consideration of the premises herein contained and in order to effect the  Proposed Amendments contained herein, pursuant to Section 9.02 of the Existing Indenture, the  Issuer agrees with the Trustee and the Collateral Agent as follows:  

 

2  ARTICLE 1  Amendment of Existing Indenture  Section 1.01. Amendment of Existing Indenture.  This Supplemental Indenture amends  the Existing Indenture as provided for herein.  Section 1.02. Amendment of Section 2.01.  Pursuant to Section 9.02 of the Existing  Indenture:  Section 2.01(c) and (d) of the Existing Indenture are hereby amended and restated in their  entirety as follows:  “(c) On any Business Day on or prior to June 30, 2022 that does not fall between a Record  Date and its related Payment Date (but, for the avoidance of doubt, only one Business Day, but  not more than one Business Day), the Issuer may issue and deliver, in accordance with this  Article 2, and pursuant to and in accordance with the terms and conditions of the October 2020  Purchase Agreements, without the consent of any Holder of or any holder of beneficial interests  in the Securities, upon five Business Days’ written notice to the Trustee, First Additional Securities  in an aggregate principal amount of $10,000,000; provided, that, as of such Business Day, as  conditions to the issuance of such First Additional Securities, (i) no Event of Default has occurred  and is continuing, (ii) the First Additional Securities Triggering Event has occurred and (iii) the  Issuer shall deliver to the Trustee, in addition to the written order of the Issuer pursuant to Section  2.03, Officers’ Certificates of the Issuer (A) certifying as to the satisfaction of the foregoing clause  (i) and clause (ii) and (B) stating that the representations and warranties of the Issuer in the October  2020 Purchase Agreements are true and correct in all material respects on and as of such Business  Day with the same force and effect as if expressly made on and as of such Business Day (except  for such representations and warranties qualified by materiality or material adverse effect, which  are true and correct in all respects).  Such First Additional Securities shall have the same terms as  the Original Securities and any 2020 Additional Securities, except that the issue date, the issue  price, the initial Payment Date and the initial date from which interest shall accrue may vary.  If  the Issuer determines that such First Additional Securities are issued as part of a “qualified  reopening” for U.S. federal income tax purposes, such First Additional Securities will have the  same CUSIP number as the Original Securities or any 2020 Additional Securities, as the case may  be, and for U.S. federal income tax purposes will have the same issue date and issue price as the  Original Securities or such 2020 Additional Securities, as the case may be. If the Issuer determines  that such First Additional Securities are not issued as part of a “qualified reopening” for U.S.  federal income tax purposes, such First Additional Securities will be required to have a CUSIP  number that is different than the CUSIP number of the Original Securities and any 2020 Additional  Securities.   (d) On any Business Day on or prior to June 30, 2022 that does not fall between a Record  Date and its related Payment Date (but, for the avoidance of doubt, only one Business Day, but  not more than one Business Day), the Issuer may issue and deliver, in accordance with this  Article 2, without the consent of any Holder of or any holder of beneficial interests in the  Securities, upon five Business Days’ written notice to the Trustee, Second Additional Securities  in an aggregate principal amount of up to $30,000,000; provided, that, as of such Business Day, if  

 

3  the Issuer has issued the First Additional Securities, the Issuer may only issue and deliver such  Second Additional Securities in an aggregate principal amount of up to $20,000,000; provided,  further, that, as of such Business Day, as conditions to the issuance of such Second Additional  Securities, (i) no Event of Default has occurred and is continuing, (ii) the Second Additional  Securities Triggering Event has occurred and (iii) the Issuer shall deliver to the Trustee, in addition  to the written order of the Issuer pursuant to Section 2.03, Officers’ Certificates of the Issuer  (A) certifying as to the satisfaction of the foregoing clause (i) and clause (ii) (the “Second  Additional Securities Triggering Event Officers’ Certificate”) and (B) stating that the  representations and warranties of the Issuer in the October 2020 Purchase Agreements are true and  correct in all material respects on and as of such Business Day with the same force and effect as if  expressly made on and as of such Business Day (except for such representations and warranties  qualified by materiality or material adverse effect, which are true and correct in all respects).  Such  Second Additional Securities shall have the same terms as the Original Securities and any First  Additional Securities, 2020 Additional Securities, except that the issue date, the issue price, the  initial Payment Date and the initial date from which interest shall accrue may vary.  If the Issuer  determines that such Second Additional Securities are issued as part of a “qualified reopening” for  U.S. federal income tax purposes, such Second Additional Securities will have the same CUSIP  number as the Original Securities or any First Additional Securities or 2020 Additional Securities,  as the case may be, and for U.S. federal income tax purposes will have the same issue date and  issue price as the Original Securities or such First Additional Securities, 2020 Additional  Securities, as the case may be.  If the Issuer determines that such Second Additional Securities are  not issued as part of a “qualified reopening” for U.S. federal income tax purposes, such Second  Additional Securities will be required to have a CUSIP number that is different than the CUSIP  number of the Original Securities and any First Additional Securities, 2020 Additional Securities.”  ARTICLE 2   Miscellaneous Provisions  Section 2.01. Ratification of Indenture; Supplemental Indentures Part of Indenture.   Except as expressly amended and supplemented hereby, the Indenture is in all respects ratified and  confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.   This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder  shall be bound hereby.  Section 2.02. Defined Terms.  As used in this Supplemental Indenture, terms defined in  the Indenture or in the preamble or recitals hereto are used herein as therein defined, except that  the term “Holders” in this Supplemental Indenture shall refer to the term “Holders” as defined in  the Indenture and the Trustee and the Collateral Agent acting on behalf of and for the benefit of  such Holders.  The words “herein”, “hereof” and “hereby” and other words of similar import used  in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any  particular section hereof.  Section 2.03. Counterparts.  The parties may sign any number of copies of this  Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent  the same agreement.  The exchange of copies of this Supplemental Indenture and of signature  pages by facsimile or PDF transmission shall constitute effective execution and delivery of this  

 

4  Supplemental Indenture as to the parties hereto and may be used in lieu of the original  Supplemental Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile  or PDF shall be deemed to be their original signatures for all purposes.  Section 2.04. Effect of Headings.  The Section headings herein are for convenience of  reference only and shall not affect the construction thereof.  Section 2.05. Effectiveness.  The provisions of this Supplemental Indenture will take  effect immediately upon execution thereof by the parties hereto.  Section 2.06. Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE  GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE  STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW  (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL  OBLIGATIONS LAW).  Section 2.07. No Representation; Recitals.  Neither the Trustee nor the Collateral Agent  makes any representation as to the validity or sufficiency of this Supplemental Indenture. The  recitals to this Supplemental Indenture are made solely by the Issuer and shall not be attributable  to the Trustee or the Collateral Agent.  {Remainder of page intentionally left blank}

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