Document:

medp-ex101_16.htm

 

Exhibit 10.1

 

Loan Agreement

 

 

THIS LOAN AGREEMENT (the “Agreement”), is entered into as of September 30, 2019, between MEDPACE, INC., an Ohio corporation (the “Borrower”), with an address at 5375 Medpace Way, Cincinnati Ohio 45227, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 201 East Fifth Street, Cincinnati, Ohio 45202, Attn: Corporate Banking. 

 

The Borrower and the Bank, with the intent to be legally bound, agree as follows:

 

1.Loan.  The Bank has made or may make one or more loans (“Loan(s)”) to the Borrower subject to the terms and conditions and in reliance upon the representations and warranties of the Borrower set forth in this Agreement.  Each Loan shall be used for business purposes and is or will be evidenced by a promissory note or notes of the Borrower and all renewals, extensions, amendments and restatements thereof (collectively, the “Note(s)”) acceptable to the Bank, which shall set forth the interest rate, repayment and other provisions of the respective Loan, the terms of which are incorporated into this Agreement by reference. .

 

The Loans governed by this Agreement shall include the Loans specifically described below, if any, and any additional lines of credit or term loans that the Bank has made or may, in its sole discretion, make to the Borrower in the future.

 

1.1.  Line of Credit.  One of the Loans governed by this Agreement is a committed revolving line of credit under which the Borrower may request and the Bank, subject to the terms and conditions of this Agreement, will make advances to the Borrower from time to time until the Expiration Date, in an aggregate amount outstanding at any time not to exceed Fifty Million and No/100 Dollars $50,000,000.00 (the “Line of Credit”).  The “Expiration Date” shall have the meaning set forth in the Note evidencing the Line of Credit (the “Line of Credit Note”).  The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Line of Credit beyond the Expiration Date.  In no event shall the aggregate unpaid principal amount of advances under the Line of Credit exceed the face amount of the Line of Credit.  Advances under the Line of Credit will be used for working capital or other general business purposes of the Borrower.  

 

1.2. Letters of Credit.  The Borrower may request that the Bank, in lieu of cash advances, issue letters of credit (each individually a “Letter of Credit” and collectively, the “Letters of Credit”) under the Line of Credit (including all banker’s acceptances issued up to 180 days under the terms of any trade Letter of Credit) with an  aggregate stated amount outstanding at any time not to exceed Ten Million and no/100 Dollars $10,000,000.00; provided, however, that after giving effect to the stated amount of such Letter of Credit, the sum of the aggregate outstanding advances under the Line of Credit and the aggregate stated amount of all Letters of Credit issued and outstanding shall not exceed the amount of the Line of Credit.  The availability of advances under the Line of Credit shall be reduced by the stated amount of each Letter of Credit issued and outstanding (whether or not drawn).  For purposes of this Agreement, the “stated amount” of any Letter of Credit shall include any automatic increases in the amount available to be drawn under the terms of such Letter of Credit, whether or not any such increase has become effective, and any deemed increase in the amount available to be drawn under the terms of a trade Letter of Credit as a result of any tolerance set forth in such trade Letter of Credit.  Letters of Credit may be issued in Alternate Currencies (as defined in the Line of Credit Note) and all references herein to the amount of any Letter of Credit refer to the Dollar Equivalent (as defined in the Line of Credit Note) thereof.  To the extent the Bank has previously issued any letters of credit for the account of the Borrower or any of its affiliates (the “Existing Letters of Credit”) which remain in effect as of the date hereof, such Existing Letters of Credit shall constitute Letters of Credit as defined herein and be subject to the terms hereof and the Borrower will enter into a separate Reimbursement Agreement (as defined below) with respect to such Existing Letters of Credit upon the request of the Bank.   

 

 

 

Unless otherwise consented to by the Bank in writing, each Letter of Credit shall have an expiry date which is not later than twelve (12) months following the Expiration Date (the “Final LC Expiration Date”).  Each payment by the Bank under a Letter of Credit shall constitute an advance of principal under such Line of Credit and shall be evidenced by the applicable note.  The Letters of Credit shall be governed by the terms of this Agreement and by a reimbursement agreement, in form and content satisfactory to the Bank, executed by the Borrower in favor of the Bank (the “Reimbursement Agreement”).  Each request for the issuance of a Letter of Credit must be accompanied by the Borrower’s execution of an application on the Bank’s standard forms (each, an “Application”), together with all supporting documentation.  Each Letter of Credit will be issued in a form reasonably acceptable to the Bank.  This Agreement is not a pre-advice for the issuance of a letter of credit and is not irrevocable.

 

The Borrower shall pay the Bank’s standard issuance fee on the stated amount of each Letter of Credit upon issuance, together with such other customary and reasonable fees and expenses therefor as shall be required by the Bank.  The Borrower shall pay to the Bank a fee (the “Letter of Credit Commission”), calculated daily (on the basis of a year of 360 days), on the amount available to be drawn at such time under all  Letters of Credit issued and outstanding under the Line of Credit (including any amounts drawn thereunder and not reimbursed, regardless of the existence or satisfaction of any conditions or limitations on drawing) each day at the interest rate of 1%. The Letter of Credit Commission shall be payable quarterly in arrears beginning on January 1, 2020, and continuing on the first day of each fiscal quarter thereafter and on the Final LC Expiration Date.

 

2.Guaranty.  Medpace IntermediateCo, Inc., a Delaware corporation (the “Guarantor”), shall guaranty the repayment of the Loans.  Upon the Bank’s request, Guarantor contemporaneously herewith or hereafter shall execute and deliver to the Bank a guaranty (the “Guaranty”) and other documents (the “Guaranty Documents”) which shall secure repayment of the Loans and all other loans, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to the Bank described therein (hereinafter referred to collectively as the “Obligations”).  In the event that any direct or indirect subsidiary of the Borrower becomes a Material Subsidiary (either individually or collectively when evaluated with other subsidiaries of the Borrower), the Borrower will notify the Bank and cause such subsidiary to join such Guaranty of the Obligations.  As used herein, the term “Material Subsidiary” means, at any date, (a) in respect of any individual direct or indirect subsidiary of the Borrower for which (i) the assets of such subsidiary are greater than 10.0% of the total assets of Medpace Holdings, Inc. and its subsidiaries on a consolidated basis, or (ii) the consolidated EBITDA of such subsidiary is greater than 10.0% of the consolidated EBITDA of Medpace Holdings, Inc. and its subsidiaries on a consolidated basis for the most recently ended twelve (12) calendar month period prior to such date, or (b) in respect of the collective direct and indirect subsidiaries of the Borrower which are not Guarantors for which (i) the assets of all such subsidiaries are greater than 20.0% of the total assets of Medpace Holdings, Inc. and its subsidiaries on a consolidated basis, or (ii) the consolidated EBITDA of all such subsidiaries is greater than 20.0% of the consolidated EBITDA of Medpace Holdings, Inc. and its subsidiaries on a consolidated basis for the most recently ended twelve (12) calendar month period prior to such date.  

 

This Agreement, the Note, the Guaranty Documents and all other agreements and documents executed and/or delivered pursuant or subject hereto, as each may be amended, modified, extended or renewed from time to time, are collectively referred to as the “Loan Documents.”  Capitalized terms not defined herein shall have the meanings ascribed to them in the Loan Documents.

 

3.Representations and Warranties.  The Borrower hereby makes the following representations and warranties, which shall be continuing in nature and remain in full force and effect until the Obligations are paid in full, and which shall be true and correct in all material respects.  

 

3.1.Existence, Power and Authority.  The Borrower is duly organized, validly existing and in good standing under the laws of the State of its incorporation or organization and has the power and authority to own and operate its assets and to conduct its business as now or proposed to be carried on, and is duly qualified, licensed and in good standing to do business in all jurisdictions where its ownership of property or the nature of its business requires such qualification or licensing.  The Borrower is duly authorized to execute and deliver the Loan Documents, all necessary action to authorize the execution and delivery of the Loan Documents has been properly 

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taken, and the Borrower is and will continue to be duly authorized to borrow under this Agreement and to perform all of the other terms and provisions of the Loan Documents.

 

3.2.Public Disclosure Documents.  The Borrower has delivered or caused to be delivered to the Bank its most recent Form 10-Q and Form 10-K (together the “Public Disclosure Documents”) each of which were filed with the U.S. Securities and Exchange Commission. The Public Disclosure Documents are true, complete and accurate in all material respects and fairly present the Borrower’s financial condition, assets and liabilities, whether accrued, absolute, contingent or otherwise and the results of the Borrower’s operations for the period specified therein.  The Public Disclosure Documents have been prepared in accordance with generally accepted accounting principles in effect from time to time (“GAAP”) consistently applied from period to period, subject in the case of interim statements to normal year‐end adjustments and to any comments and notes acceptable to the Bank in its sole discretion.  

 

3.3.No Material Adverse Change.  Since the date of the most recent Public Disclosure Documents, the Borrower has not suffered any damage, destruction or loss, and no event or condition has occurred or exists, which has resulted or could result in a material adverse change in its business, assets, operations, condition (financial or otherwise) or results of operation. 

 

3.4.Binding Obligations.  The Borrower has full power and authority to enter into the transactions provided for in this Agreement and has been duly authorized to do so by appropriate action of its Board of Directors if the Borrower is a corporation, its members and/or managers, as applicable, if the Borrower is a limited liability company, all its general partners if the Borrower is a partnership or otherwise as may be required by law, charter, other organizational documents or agreements; and the Loan Documents, when executed and delivered by the Borrower, will constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms. 

 

3.5.No Defaults or Violations.  There does not exist any Default or Event of Default, as hereinafter defined, under this Agreement, or any default or violation by the Borrower of or under any of the terms, conditions or obligations of: (i) its partnership agreement if the Borrower is a partnership, its articles or certificate of incorporation, regulations and bylaws if the Borrower is a corporation, its articles or certificate of organization and operating agreement if the Borrower is a limited liability company, or its other organizational documents as applicable; (ii) any indenture, mortgage, deed of trust, franchise, permit, contract, agreement, or other instrument to which it is a party or by which it is bound; or (iii) any law, ordinance, regulation, ruling, order, injunction, decree, condition or other requirement applicable to or imposed upon it by any law, the action of any court or any governmental authority or agency; and the consummation of this Agreement and the transactions set forth herein will not result in any such Default, Event of Default or violation.

 

3.6.Title to Assets.  The Borrower has good and marketable title to the assets reflected on the most recent Public Disclosure Documents, free and clear of all liens and encumbrances, except for the following (the “Permitted Liens”) (i) liens in favor of the Bank; (ii) current taxes and assessments not yet due and payable; (iii) inventory disposed of by the Borrower in the ordinary course of business since the date of the most recent Public Disclosure Documents; (iv) liens securing indebtedness permitted under clause (iii) of Section 5.1; and (v) liens securing indebtedness permitted under clause (iv) of Section 5.1 limited to the assets acquired with the proceeds thereof.

 

3.7.Litigation.  There are no actions, suits, proceedings or governmental investigations pending or, to the knowledge of the Borrower, threatened against the Borrower, which could result in a material adverse change in its business, assets, operations, condition (financial or otherwise) or results of operations and there is no basis known to the Borrower for any action, suit, proceeding or investigation which could result in such a material adverse change. 

 

3.8.Tax Returns.  The Borrower has filed all returns and reports that are required to be filed by it in connection with any federal, state or local tax, duty or charge levied, assessed or imposed upon it or its 

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property or withheld by it, including income, unemployment, social security and similar taxes, and all of such taxes have been either paid or adequate reserves or other provision has been made therefor.

 

3.9.Employee Benefit Plans.  Each employee benefit plan as to which the Borrower may have any liability complies in all material respects with all applicable provisions of the Employee Retirement Income Security Act of 1974 (as amended from time to time, “ERISA”), including minimum funding requirements, and (i) no Prohibited Transaction (as defined under ERISA) has occurred with respect to any such plan; (ii) no Reportable Event (as defined under Section 4043 of ERISA) has occurred with respect to any such plan which would cause the Pension Benefit Guaranty Corporation to institute proceedings under Section 4042 of ERISA; (iii) the Borrower has not withdrawn from any such plan or initiated steps to do so; and (iv) no steps have been taken to terminate any such plan.

 

3.10.Environmental Matters.  The Borrower is in compliance, in all material respects, with all Environmental Laws (as hereinafter defined), including, without limitation, all Environmental Laws in jurisdictions in which the Borrower owns or operates, or has owned or operated, a facility or site, stores Collateral, arranges or has arranged for disposal or treatment of hazardous substances, solid waste or other waste, accepts or has accepted for transport any hazardous substances, solid waste or other wastes or holds or has held any interest in real property or otherwise.  No litigation or proceeding arising under, relating to or in connection with any Environmental Law is pending or, to the best of the Borrower’s knowledge, threatened against the Borrower, any real property in which the Borrower holds or has held an interest or any past or present operation of the Borrower, in each case, which could result in a material adverse change in its business, assets, operations, condition (financial or otherwise) or results of operations.  No release, threatened release or disposal of hazardous waste, solid waste or other wastes is occurring, or to the best of the Borrower’s knowledge has occurred, on, under or to any real property in which the Borrower holds or has held any interest or performs or has performed any of its operations, in violation of any Environmental Law.  As used in this Section, “litigation or proceeding” means any demand, claim notice, suit, suit in equity, action, administrative action, investigation or inquiry whether brought by a governmental authority or other person, and “Environmental Laws” means all provisions of laws, statutes, ordinances, rules, regulations, permits, licenses, judgments, writs, injunctions, decrees, orders, awards and standards promulgated by any governmental authority  concerning health, safety and protection of, or regulation of the discharge of substances into, the environment.

 

3.11.Intellectual Property.  The Borrower owns or is licensed to use all patents, patent rights, trademarks, trade names, service marks, copyrights, intellectual property, technology, know-how and processes necessary for the conduct of its business as currently conducted that are material to the condition (financial or otherwise), business or operations of the Borrower.

 

3.12.Regulatory Matters.  No part of the proceeds of any Loan will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time in effect or for any purpose which violates the provisions of the Regulations of such Board of Governors.

 

3.13.Solvency.  As of the date hereof and after giving effect to the transactions contemplated by the Loan Documents, (i) the aggregate value of the Borrower’s assets will exceed its liabilities (including contingent, subordinated, unmatured and unliquidated liabilities); (ii) the Borrower will have sufficient cash flow to enable it to pay its debts as they become due; and (iii) the Borrower will not have unreasonably small capital for the business in which it is engaged.

 

3.14.Disclosure.  None of the Loan Documents contains or will contain any untrue statement of material fact or omits or will omit to state a material fact necessary in order to make the statements contained in this Agreement or the Loan Documents not misleading.  There is no fact known to the Borrower which materially adversely affects or, so far as the Borrower can now foresee, might materially adversely affect the business, assets, operations,  condition (financial or otherwise) or results of operation of the Borrower and which has not otherwise been fully set forth in this Agreement or in the Loan Documents.

 

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3.15Organizational Structure.  Schedule 3.15 is a current organizational structure chart for Medpace Holdings, Inc. and its direct and indirect subsidiaries.  

 

4.Affirmative Covenants.  The Borrower agrees that from the date of execution of this Agreement until all Obligations have been paid in full and any commitments of the Bank to the Borrower have been terminated, the Borrower will:

 

4.1.Books and Records.  Maintain books and records in accordance with GAAP and give representatives of the Bank access thereto at all reasonable times, including permission to examine, copy and make abstracts from any of such books and records and such other information as the Bank may from time to time reasonably request, and the Borrower will make available to the Bank for examination copies of any reports, statements and returns which the Borrower may make to or file with any federal, state or local governmental department, bureau or agency.

 

4.2.Financial Reporting.  Deliver or cause to be available to the Bank a Form 10-Q with its quarterly financial statements as filed with the U.S. Securities and Exchange Commission for each fiscal quarter within 45 days after the end of each such fiscal quarter and a Form 10-K with its annual audited financial statements (without any “going concern” or like qualification by its auditor) as filed with the U.S. Securities and Exchange Commission for each fiscal year within 120 days after the end of each such fiscal year.  If requested by the Bank, the Borrower will provide consolidating information that separately delineates the financial performance of the Borrower.

 

4.3.Payment of Taxes and Other Charges.  Pay and discharge when due all indebtedness and all taxes, assessments, charges, levies and other liabilities imposed upon the Borrower, its income, profits, property or business, except those which currently are being contested in good faith by appropriate proceedings and for which the Borrower shall have set aside adequate reserves or made other adequate provision with respect thereto acceptable to the Bank in its sole discretion.

 

4.4.Maintenance of Existence, Operation and Assets.  Do all things necessary to (i) maintain, renew and keep in full force and effect its organizational existence and all rights, permits and franchises necessary to enable it to continue its business as currently conducted; (ii) continue in operation in substantially the same manner as at present; (iii) keep its properties in good operating condition and repair; and (iv) make all necessary and proper repairs, renewals, replacements, additions and improvements thereto.

 

4.5.Insurance.  Maintain, with financially sound and reputable insurers, insurance with respect to its property and business against such casualties and contingencies, of such types and in such amounts, as is customary for established companies engaged in the same or similar business and similarly situated, and provide certificates evidencing such insurance upon the request of the Bank.  In the event of a conflict between the provisions of this Section and the terms of any Guaranty Documents relating to insurance, the provisions in the Guaranty Documents will control.  

 

4.6.Compliance with Laws.  Comply with all laws, in all material respects, applicable to the Borrower and to the operation of its business (including without limitation any statute, ordinance, rule or regulation relating to employment practices, pension benefits or environmental, occupational and health standards and controls). 

 

4.7.Bank Accounts.  Maintain its primary domestic treasury management relationship and related deposits with the Bank. 

 

 

4.8.Additional Reports.  Provide prompt written notice to the Bank of the occurrence of any of the following (together with a description of the action which the Borrower proposes to take with respect thereto): (i) any Event of Default or any event, act or condition which, with the passage of time or the giving of notice, or both, would constitute an Event of Default (a “Default”); (ii) any material litigation filed by or against the Borrower; 

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(iii) any Reportable Event or Prohibited Transaction with respect to any Employee Benefit Plan(s) (as defined in ERISA) or (iv) any event which might reasonably be expected to result in a material adverse change in the business, assets, operations, condition (financial or otherwise) or results of operation of the Borrower.

 

4.9.Certification of Beneficial Owners and Other Additional Information.  Provide: (i) such information and documentation as may reasonably be requested by the Bank from time to time for purposes of compliance by the Bank with applicable laws (including without limitation the USA PATRIOT Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Bank to comply therewith; and (ii) if the Borrower is or was required to deliver a Certification of Beneficial Owners to the Bank, (a) confirmation of the accuracy of the information set forth in the most recent Certification of Beneficial Owners provided to the Bank, as and when requested by the Bank; and (b) a new Certification of Beneficial Owners in form and substance acceptable to the Bank when the individual(s) identified as a controlling party and/or a direct or indirect individual owner on the most recent Certification of Beneficial Owners provided to the Bank have changed.

 

4.10Post-Closing Covenant.  Cause to be delivered to the Bank on or before the earlier of October 4, 2019 and the date that the Borrower requests the first draw under the Line of Credit, the following in a form reasonably acceptable to the Bank: (a) a legal opinion with respect to the Borrower and Guarantor and the transactions evidenced by the Loan Documents and Guaranty Documents, and (b) a certificate of the secretary of each of the Borrower and Guarantor, certifying to their respective organizational documents, incumbency of officers, and authorizing resolutions. 

 

5.Negative Covenants.  The Borrower covenants and agrees that from the date of this Agreement until all Obligations have been paid in full and any commitments of the Bank to the Borrower have been terminated, except as set forth in the Addendum, the Borrower will not, without the Bank’s prior written consent:

 

5.1.Indebtedness.  Create, incur, assume or suffer to exist, or make any payments with respect to, any indebtedness for borrowed money other than: 

 

(i)the Loans and any subsequent indebtedness to the Bank; and

 

(ii)open account trade debt incurred in the ordinary course of business and not past due; and

 

(iii)other existing or future indebtedness in an aggregate principal amount not to exceed $100,000,000.00, and any refinancings thereof; provided that the amount of the refinancing indebtedness is not more than the outstanding principal amount of the refinanced indebtedness, and the terms of the refinancing indebtedness are no more favorable to the lender than the terms of the refinanced indebtedness; and

 

(iv)indebtedness in respect of purchase money financings of personal property not to exceed, in the aggregate, $25,000,000.00.  

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5.2.Liens and Encumbrances.  Except for Permitted Liens, create, assume, incur or permit to exist any mortgage, pledge, encumbrance, security interest, lien or charge of any kind upon its equity interests or its property, now owned or hereafter acquired, or acquire or agree to acquire any kind of property subject to any conditional sales or other title retention agreement. 

 

5.3.Guarantees.  Guarantee, endorse or become contingently liable for the obligations of any person, firm, corporation or other entity in excess of $10,000,000 in the aggregate at any time, except in connection with the endorsement and deposit of checks for collection in the ordinary course of business.  

 

5.4.Loans or Advances.  Purchase or hold beneficially any stock, other securities or evidence of indebtedness of, or make or have outstanding, any loans or advances to, or otherwise extend credit to, or make any investment or acquire any interest whatsoever in, any other person, firm, corporation or other entity (together, the “Investments”) to the extent such Investments exceed $10,000,000 in the aggregate at any time; provided that, 

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(a) Investments disclosed on the Borrower’s Public Disclosure Documents that have been provided to the Bank on or before the date hereof, (b) Investments that are otherwise acceptable to the Bank in its reasonable discretion, and (c) Investments consisting of debt or equity securities invested by the Borrower in the ordinary course of business in accordance with the Borrower’s investment policy (including but not limited to money market funds, deposit accounts, investment grade bonds, government securities), shall not be subject to such limitation.

 

5.5.Merger or Transfer of Assets.  Liquidate or dissolve, or merge or consolidate with or into any person, firm, corporation or other entity, or sell, lease, transfer or otherwise dispose of all or a substantial part of its property, assets, operations or business, whether now owned or hereafter acquired.

 

5.6.Change in Business, Management or Ownership.  Make or permit, nor shall Guarantor under the Guaranty Documents make or permit, any change in (i) its form of organization, including a division into two or more entities; (ii) the nature of its business as carried on as of the date hereof and reasonable extensions thereof; or (iii) its formation documents or organizational structure, in each case without the prior reasonable approval of the Bank. 

 

6.Events of Default.  The occurrence of any of the following will be deemed to be an “Event of Default”:

 

6.1.Covenant Default.  The Borrower shall default in the performance of any of the covenants or agreements contained in this Agreement. 

 

6.2.Breach of Warranty.  Any Public Disclosure Document, or other financial statement, representation, warranty or certificate made or furnished by the Borrower to the Bank in connection with this Agreement shall be false, incorrect or incomplete when made.

 

6.3.Other Default.  The occurrence of an Event of Default as defined in the Note or any of the Loan Documents.

 

Upon the occurrence of an Event of Default, the Bank will have all rights and remedies specified in the Note and the Loan Documents and all rights and remedies (which are cumulative and not exclusive) available under applicable law or in equity.

 

7.Conditions.  The Bank’s obligation to make any advance under any Loan, or to issue any letter of credit, is subject to the conditions that as of the date of the advance:

 

7.1.No Event of Default.  No Event of Default or Default shall have occurred and be continuing.

 

7.2.Authorization Documents.  The Bank shall have received certified copies of resolutions of the board of directors, the general partners or the members or managers of any partnership, corporation or limited liability company that executes this Agreement, the Note or any of the other Loan Documents; or other proof of authorization satisfactory to the Bank.

 

7.3.Receipt of Loan Documents.  The Bank shall have received the Loan Documents and such other instruments and documents which the Bank may reasonably request in connection with the transactions provided for in this Agreement, which may include an opinion of counsel in form and substance satisfactory to the Bank for any party executing any of the Loan Documents.

 

7.4.Fees.  The Bank shall have received all fees owing in respect of the Loan.

 

8.Fees; Expenses.  The Borrower agrees to reimburse the Bank, upon the execution of this Agreement, and otherwise on demand, all fees due and payable to the Bank hereunder and under the other Loan Documents and all costs and expenses incurred by the Bank in connection with the preparation, negotiation and 

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delivery of this Agreement and the other Loan Documents, and any modifications or amendments thereto or renewals thereof, and the collection of all of the Obligations, including but not limited to enforcement actions, relating to the Loan, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions or proceedings arising out of or relating to this Agreement, including (i) reasonable fees and expenses of counsel (which may include costs of in‐house counsel); (ii) all costs related to conducting UCC, title and other public record searches; (iii) fees for filing and recording documents in the public records to perfect the Bank’s liens and security interests; (iv) expenses for auditors, appraisers and environmental consultants; and (v) taxes.  The Borrower hereby authorizes and directs the Bank to charge Borrower's deposit account(s) with the Bank for any and all of the foregoing fees, costs and expenses.

 

9.Increased Costs.  On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter defined), imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Loan.  “Change in Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty; (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental authority or (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

10.Miscellaneous.

 

10.1.Notices.  All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Agreement) and will be effective upon receipt. Notices may be given in any manner to which the parties may agree.  Without limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices.  In addition, the parties agree that Notices may be sent electronically to any electronic address provided by a party from time to time.  Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this section.  

 

10.2.Preservation of Rights.  No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power.  The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity.

 

10.3.Illegality. If any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, it shall not affect or impair the validity, legality and enforceability of the remaining provisions of this Agreement.

 

10.4.Changes in Writing.  No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Agreement will be effective unless made in a writing signed by the party to be charged, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Notwithstanding the foregoing, the Bank may modify this Agreement or any of the other Loan Documents for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower 

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(which notice may be given by electronic mail).  No notice to or demand on the Borrower will entitle the Borrower to any other or further notice or demand in the same, similar or other circumstance.

 

10.5.Entire Agreement.  This Agreement (including the documents and instruments referred to herein) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

10.6.Counterparts.  This Agreement and any other Loan Document may be signed in any number of counterpart copies and by the parties hereto on separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement or any other Loan Document by facsimile transmission shall be effective as delivery of a manually executed counterpart.  Any party so executing this Agreement or any other Loan Document by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

 

10.7.Successors and Assigns.  This Agreement will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Borrower may not assign this Agreement in whole or in part without the Bank’s prior written consent and the Bank at any time may assign this Agreement in whole or in part.

 

10.8.Interpretation.  In this Agreement, unless the Bank and the Borrower otherwise agree in writing, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”, the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; references to articles, sections (or subdivisions of sections) or exhibits are to those of this Agreement; and references to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement.  Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.  Unless otherwise specified in this Agreement, all accounting terms shall be interpreted and all accounting determinations shall be made in accordance with GAAP.  If this Agreement is executed by more than one party as Borrower, the obligations of such persons or entities will be joint and several.

 

10.9.No Consequential Damages, Etc..  The Bank will not be responsible for any damages, consequential, incidental, special, punitive or otherwise, that may be incurred or alleged by any person or entity, including the Borrower and Guarantor, as a result of this Agreement, the other Loan Documents, the transactions contemplated hereby or thereby, or the use of the proceeds of the Loan.

 

10.10.Assignments and Participations.  The Bank may sell, assign, transfer, negotiate, grant participations in, or otherwise dispose of all or any part of the Bank’s interest in the Loan.  Subject to Section 10.13, the Bank may provide any information concerning the Borrower, including information pertaining to the Borrower’s financial condition, business operations or general creditworthiness, to any assignee of or participant in or any prospective assignee of or participant in all or any part of the Bank’s interest in the Loan.

 

10.11.USA PATRIOT Act Notice.  To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each Borrower that opens an account.  What this means: when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information or documentation that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization.  

 

- 9 -

 

10.12.Important Information about Phone Calls.  By providing telephone number(s) to the Bank, now or at any later time, the Borrower hereby authorizes the Bank and its affiliates and designees to contact the Borrower regarding the Borrower’s account(s) with the Bank or its affiliates, whether such accounts are Borrower’s individual accounts or business accounts for which Borrower is a contact, at such numbers using any means, including but not limited to placing calls using an automated dialing system to cell, VoIP or other wireless phone number, or by leaving prerecorded messages or sending text messages, even if charges may be incurred for the calls or text messages.  Borrower hereby consents that any phone call with the Bank may be monitored or recorded by the Bank.

 

10.13.Confidentiality.  In connection with the Obligations, this Agreement and the other Loan Documents, the Bank and the Borrower will be providing to each other, whether orally, in writing or in electronic format, nonpublic, confidential or proprietary information (collectively, “Confidential Information”).  Each of the Borrower and the Bank agrees (i) to hold the Confidential Information of the other in confidence; and (ii) not to disclose or permit any other person or entity access to the Confidential Information of the other party, except for disclosure or access (a) to a party’s affiliates and its or their employees, officers, directors, agents, representatives, (b) to other third parties that provide or may provide ancillary support relating to the Obligations, this Agreement and/or the other Loan Documents, (c) in connection with the exercise of any remedies or enforcement of rights under this Agreement or any action or proceeding relating to the Obligations, this Agreement and/or the other Loan Documents, (d) to its external or internal auditors or regulatory authorities, or (e) upon the order of a court or other governmental agency having jurisdiction over a party.  It is understood and agreed that the obligation to protect such Confidential Information shall be satisfied if the party receiving such Confidential Information utilizes the same control (but no less than reasonable) as it does to avoid disclosure of its own confidential and valuable information.  It is also understood and agreed that no information shall be within the protection of this Agreement where such information: (w) is or becomes publicly available through no fault of the party to whom such Confidential Information has been disclosed, (x) is released by the originating party to anyone without restriction, (y) is rightly obtained from third parties who are not, to such receiving party's knowledge, under an obligation of confidentiality, or (z) is required to be disclosed by subpoena or similar process of applicable law or regulations.  

 

For the purposes of this Agreement, Confidential Information of a party shall include, without limitation, any financial information, scientific or technical information, design, process, procedure or improvement and all concepts, documentation, reports, data, data formats, specifications, computer software, source code, object code, user manuals, financial models, screen displays and formats, software, databases, inventions, knowhow, showhow and trade secrets, whether or not patentable or copyrightable, whether owned by a party or any third party, together with all memoranda, analyses, compilations, studies, notes, records, drawings, manuals or other documents or materials which contain or otherwise reflect any of the foregoing information. 

 

Each of the Borrower and the Bank agrees to return to the other or destroy all Confidential Information of the other upon the termination of this Agreement; provided, however, each party may retain such limited information for customary archival and audit purposes only for reference with respect to prior dealings between the parties subject at all times to the continuing terms of this Section 10.13.

 

Each of the Borrower and the Bank agrees not to use the other's name or logo in any marketing, advertising or related materials, without the prior written consent of the other party. 

 

10.14.Sharing Information with Affiliates of the Bank.  The Borrower acknowledges that from time to time other financial and banking services may be offered or provided to the Borrower or one or more of its subsidiaries and/or affiliates (in connection with this Agreement or otherwise) by the Bank or by one or more subsidiaries or affiliates of the Bank or of The PNC Financial Services Group, Inc., and the Borrower hereby authorizes the Bank to share any information delivered to the Bank by the Borrower and/or its subsidiaries and/or affiliates pursuant to this Agreement or any of the Loan Documents to any subsidiary or affiliate of the Bank and/or The PNC Financial Services Group, Inc., subject to any provisions of confidentiality in this Agreement or any other Loan Documents.

 

- 10 -

 

10.15.Electronic Signatures and Records.  Notwithstanding any other provision herein, the Borrower agrees that this Agreement, the Loan Documents, any amendments thereto, and any other information, notice, signature card,   agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record.  Any Communication may, at the Bank’s option, 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 Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.

 

10.16.Governing Law and Jurisdiction.  This Agreement will be interpreted and the rights and liabilities of the Bank and the Borrower determined in accordance with the laws of the state of Ohio excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in effect in the state of Ohio (or, to the extent controlling, the laws of the United States Of America, including without limitation the Electronic Signatures in Global and National Commerce Act).  The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction.  The Bank and the Borrower agree that the venue provided above is the most convenient forum for both the Bank and the Borrower.  The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

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Signature Page to Loan Agreement (Medpace)

 

10.17.WAIVER OF JURY TRIAL.  EACH OF THE BORROWER AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS.  THE BORROWER AND THE BANK ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

The Borrower acknowledges that it has read and understands all the provisions of this Agreement, including the waiver of jury trial and has been advised by counsel as necessary or appropriate.

		
	
 
	
 

	
 
	
MEDPACE, INC.

	
 
	
 

 

	
 
	
By:__________________________________

	
 
	
Print Name:___________________________

	
 
	
Title:_________________________________

	
 
	
 

	
 
	
 

	
 
	
 

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Signature Page to Loan Agreement (Medpace)

 

		
	
 
	
PNC BANK, NATIONAL ASSOCIATION

	
 
	
 

	
 
	
 

	
 
	
By:_________________________________

	
 
	
Print Name:__________________________

	
 
	
Title:________________________________

 

 

 

- 13 -Exhibit

EXECUTION VERSION
EXHIBIT 10.1
FIRST AMENDMENT CREDIT AGREEMENT
FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of September 26, 2019 (this “Amendment”), is made by and among Microchip Technology Incorporated, as borrower (the “Borrower”), each Subsidiary Guarantor party hereto, the Lenders party hereto, and JPMorgan Chase Bank, N.A. for itself, as Lender, and as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), to the Amended and Restated Credit Agreement, dated as of May 29, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent.
W I T N E S S E T H :
WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement to, among other things, amend the Applicable Rate with respect to Revolving Loans;
WHEREAS, each Revolving Lender that has executed a counterpart of this Amendment as a “2023 Revolving Lender” has agreed to amend the Applicable Rate with respect to their Revolving Loans as provided herein;
WHEREAS, each Lender signatory hereto and the Administrative Agent have agreed to amend the provisions of the Credit Agreement but only on the terms and subject to the conditions herein provided;
NOW, THEREFORE, in consideration of the premises and the agreements hereinafter contained, the parties hereto agree as follows:
1.Defined Terms.  Capitalized terms used herein but not defined herein have the respective meanings ascribed thereto in the Credit Agreement. 
2.Certain Amendments to the Credit Agreement.  As of the First Amendment Effective Date (as defined below) and subject to the satisfaction of the terms and conditions set forth herein:
(a)    Section 1.10 of the Credit Agreement is hereby amended by adding the following new definitions in the appropriate alphabetical order: 
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
(i)a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii)a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii)a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning assigned to it in Section 9.21.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

“Factoring Transaction” means any transaction or series of transactions that may be entered into by the Borrower or any Subsidiary pursuant to which the Borrower or such Subsidiary may sell, convey, assign or otherwise transfer (or purport to sell, convey, assign or otherwise transfer) Securitization Assets (which may include a grant of security interest in such Securitization Assets so sold, conveyed, assigned or otherwise transferred or purported to be so sold, conveyed, assigned or otherwise transferred) to any Person.
“First Amendment” means the First Amendment to this Agreement, dated as of September 26, 2019, among the Borrower, the Subsidiary Guarantors, the Administrative Agent, the Lenders party thereto and the other parties party thereto.
“First Amendment Effective Date” has the meaning assigned to such term in the First Amendment. 
“IBA” has the meaning assigned to such term in Section 1.07.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning set forth in Section 9.21.
“Qualified Factoring Transaction” means any Factoring Transaction that meets the following conditions:
(1)such Factoring Transaction is non-recourse to, and does not obligate, the Borrower or any Subsidiary, or their respective properties or assets (other than Securitization Assets) in any way (other than in respect of the Standard Securitization Undertakings);
(2)all sales, conveyances, assignments and/or contributions of Securitization Assets by the Borrower or any Subsidiary are made at fair market value (as determined in good faith by a Financial Officer of the Borrower), and
(3)such Factoring Transaction (including financing terms, covenants, termination events (if any) and other provisions thereof) are market terms at the time such Factoring Transaction is first entered into (as determined in good faith by a Financial Officer of the Borrower).
The grant of a security interest in any Securitization Assets of the Borrower or any of its Subsidiaries to secure any Indebtedness permitted pursuant to Section 6.01 (other than any Indebtedness in respect of a Qualified Factoring Transaction) shall not be deemed a Qualified Factoring Transaction.
“Securitization Assets” means accounts receivable, royalty or other revenue streams, other rights to payment, including with respect to rights of payment pursuant to the terms of joint ventures (in each case, whether now existing or arising in the future), and any assets related thereto, including all collateral securing any of the foregoing, all contracts and all guarantees or other obligations in respect of any of the foregoing, proceeds of any of the foregoing and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with non-recourse (other than Standard Securitization Undertakings), asset securitization or factoring transactions and any Swap Agreements entered into by the Borrower or any such Subsidiary in connection with such assets subject to a Qualified Factoring Transaction.
“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower or any Subsidiary that, taken as a whole, are customary in a Factoring Transaction.
“Supported QFC” has the meaning set forth in Section 9.21.

“U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.21.
(b)    Section 1.01 of the Credit Agreement is hereby amended by replacing Table 2 under the definition of “Applicable Rate” with the following table: 

	
					
	 
	Senior Leverage Ratio:
	Eurocurrency 
Spread
	ABR 
Spread
	Commitment 
Fee Rate

	Category 1:
	< 1.50 to 1.00
	1.00%
	0.00%
	0.15%

	Category 2:
	> 1.50 to 1.00 but  
< 2.00 to 1.00
	1.25%
	0.25%
	0.20%

	Category 3:
	≥ 2.00 to 1.00 but  
< 2.50 to 1.00
	1.50%
	0.50%
	0.25%

	Category 4:
	> 2.50 to 1.00
	1.75%
	0.75%
	0.30%

 
 

(c)    Section 1.01 of the Credit Agreement is hereby amended by amending and restating clause (i) immediately following Table 2 under the definition of “Applicable Rate” as follows: 
“(i) if at any time the Borrower fails to deliver the Financials on or before the date the Financials are due pursuant to Section 5.01, Category 4 shall be deemed applicable with respect to any outstanding 2023 Revolving Loans for the period commencing three (3) Business Days after the required date of delivery and ending on the date which is three (3) Business Days after the Financials are actually delivered, after which the Category shall be determined in accordance with the table above as applicable;”
(d)    Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Asset Sale” as follows: 
““Asset Sale” means any asset sale (including any sale pursuant to Section 6.03(a)(xvii) consummated prior to the Microsemi Acquisition Closing Date) or other dispositions of property, provided that “Asset Sale” shall not include (i) any sale or disposition by the Borrower or a Subsidiary to the Borrower or a Subsidiary, (ii) the use, sales or dispositions of cash and cash equivalents, (iii) any other sale or disposition described in clause (iv)(A)-(C), (vii), (viii), (ix), (x), (xii), (xiii), (xiv) of Section 6.03(a), (iv) any disposition of any Securitization Assets and (v) any sale of disposition of assets or property that have a fair market value less than or equal to $20.0 million for any such sale or disposition.”
(e)    Section 1.01 of the Credit Agreement is hereby amended by amending the definition of “Consolidated EBITDA” by inserting the following new clause (xi) therein immediately prior to the word “minus”:
“ and (xi) losses or discounts on any sale of receivables, Securitization Assets and related assets in connection with any Qualified Factoring Transaction” 
(f)    Section 1.01 of the Credit Agreement is hereby amended by amending the definition of “Consolidated Interest Expense” by inserting “ and discounts, commissions, fees and other similar charges associated with any Qualified Factoring Transaction” immediately after the second parenthetical therein.
(g)    Section 1.01 of the Credit Agreement is hereby amended by amending the definition of “Consolidated Total Indebtedness” by inserting the following new proviso at the end thereof: 

“; provided that Consolidated Total Indebtedness shall not include any Indebtedness in respect of any Qualified Factoring Transaction.”
(h)    Article I of the Credit Agreement is hereby amended by adding the following new Section 1.07: 
“Section 1.07. Interest Rates; LIBOR Notification.  The interest rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.  The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(b) of this Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate of interest.  The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.”
(i)    Article I of the Credit Agreement is hereby amended by adding the following new Section 1.08: 
“Section 1.08.  Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.”
(j)    Article I of the Credit Agreement is hereby amended by adding the following new Section 1.09: 
“Section 1.09 Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under the Delaware Limited Liability Company Act or the Delaware Revised Uniform Limited Partnership Act (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.”

(k)    Section 2.23 of the Credit Agreement is hereby amended by amending and restating clause (a) therein as follows: 
“(a) The Borrower may, subject to the terms hereof, at any time or from time to time after the Microsemi Acquisition Closing Date, enter into an amendment or such other relevant documentation to effect a Replacement Financing (a “Refinancing Amendment”) to effect a refinancing or replacement of all or any portion of the Term Loans or Revolving Commitments (and, if applicable, any related Revolving Loans).  Each such refinancing or replacement may, at the Borrower’s option, be in the form of one or more series of senior secured loans or notes (each of which may be secured by the Collateral on a pari passu or junior basis to the Obligations), or with one or more series of unsecured loans or notes (collectively, the “Replacement Financing”); provided that (i) the aggregate principal amount of such Replacement Financing shall not exceed the aggregate principal amount or committed amount, as applicable, of such refinanced facilities, plus accrued interest, expenses, fees and premiums, plus, in the case of a replacement of Term Loans, amounts permitted to be incurred as Incremental Term Loans (and for the avoidance of doubt any Replacement Financing incurred in the form of Incremental Term Loans shall not reduce availability under the Incremental Term Loans under Section 2.20), (ii) any Replacement Financing (1) that is secured does not mature prior to, or have a Weighted Average Life to Maturity shorter than, the Term Loans or Revolving Commitments being refinanced and (2) that is unsecured does not mature prior to the maturity date or termination date, as applicable, of the Term Loans or Revolving Commitments (and, if applicable, any related Revolving Loans) being refinanced and the terms of such Indebtedness do not provide for any mandatory redemption (other than customary amortization payments, mandatory and voluntary prepayment provisions, customary asset sale, event of loss, fundamental change, or change of control mandatory offers to purchase or mandatory prepayment provisions and customary acceleration rights after an event of default) prior to the maturity date of the Term Loans or Revolving Commitments (and, if applicable, any related Revolving Loans) being refinanced, provided that notwithstanding the foregoing requirements, a Replacement Financing in an aggregate principal amount not to exceed $2,000,000,000 incurred or issued to effect a refinancing or replacement of the Initial Term Loans (and, simultaneously with the refinancing or replacement in full of the Initial Term Loans, to effect the repayment of any other senior loans (including outstanding Revolving Loans) or notes with any excess net cash proceeds thereof as provided in clause (viii) below)  may have a maturity date that is at least three years after the date of incurrence or issuance of such Replacement Financing (but shall not provide for mandatory redemption, other than customary mandatory prepayment provisions, customary asset sale, event of loss, fundamental change, or change of control mandatory offers to purchase or mandatory prepayment provisions and customary acceleration rights after an event of default, prior to the date that is at least three years after the date of such incurrence or issuance), (iii) any Replacement Financing in the form of pari passu first lien, syndicated term loans issued on or prior to the 6 month anniversary of the Microsemi Acquisition Closing Date shall be subject to the MFN Condition as if it were an Incremental Term Loan, (iv) to the extent such Replacement Financing is secured, it shall be secured only by the Collateral and on a pari passu or junior basis with the Collateral, (vi) to the extent such Replacement Financing is secured, the parties to such Replacement Financing (or their authorized agent) and the Administrative Agent shall, as applicable, enter into (a) in the case of Replacement Financing secured on a junior lien basis, an intercreditor agreement reasonably satisfactory to the Administrative Agent or (b) in the case if Replacement Financing secured on a pari passu basis, an intercreditor agreement substantially in the form of the Intercreditor Agreement, (vii) the obligors in respect of any Replacement Financing shall be Loan Parties, (viii) the net cash proceeds thereof shall be applied substantially simultaneously with the incurrence thereof to permanently repay the Term Loans or permanently reduce the Revolving Commitments being refinanced or replaced; provided that, notwithstanding anything to the contrary herein, to the extent that the aggregate principal amount of such Replacement Financing exceeds the then aggregate outstanding principal amount of such Term Loans being refinanced or replaced as permitted pursuant to the proviso in clause (ii) above, any excess net cash proceeds shall then be applied to repay any other outstanding senior loans (including outstanding Revolving Loans) or notes of the Borrower without being required to permanently reduce the Revolving Commitments in respect 

of any Revolving Loans being repaid), (ix) to the extent the terms of the Replacement Financing (other than fees, pricing and optional prepayment or optional redemption terms) are not consistent in all material respects with the terms of the Term Loans or Revolving Commitments being refinanced or replaced, they shall be no more restrictive, when taken as a whole, than those under such refinanced or replaced Term Loans or Revolving Commitments, as the case may be (except for (a) covenants or other provisions applicable only to periods after the latest final maturity date of all then outstanding Term Loans or Revolving Commitments, as the case may be, (b) covenants or other provisions that are also added for the benefit of outstanding Term Loans or Revolving Commitments, as the case may be or (c) otherwise reasonably satisfactory to the Administrative Agent; provided that only the consent of the Administrative Agent shall be required to add such covenants or provisions to this Agreement or any other Loan Document), (x) no Lender is obligated to participate as a lender or commitment party in such Replacement Financing and (xi) Replacement Financing in the form of notes or of junior lien or unsecured loans shall be documented separately from the Loan Documentation on documentation agreed between the Borrower and the party or parties providing such Replacement Financing.” 
(l)    Section 6.01 of the Credit Agreement is hereby amended by amending and restating clause (q) therein as follows: 
“(q)  Indebtedness in respect of Standard Securitization Undertakings with respect to a Qualified Factoring Transaction; and”
(m)    Section 6.02 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (r) thereof, (ii) replacing the “.” at the end of clause (s) thereof with “; and”, and (ii) adding a new clause (t) that reads as follows: 
“(t)  Liens on Securitization Assets sold, conveyed, assigned or otherwise transferred or purported to be sold, conveyed, assigned or otherwise transferred in connection with a Qualified Factoring Transaction permitted pursuant to Section 6.03(a)(xviii).”
(n)    Section 6.03 of the Credit Agreement is hereby amended by amending and restating clause (a)(viii) therein as follows: 
“(viii) the sale or discount, in each case without recourse, of account receivables, including similar transactions (other than Qualified Factoring Transactions), in each case arising in the ordinary course of business shall be permitted but only in connection with the compromise or collection thereof (including through factoring and similar transactions);”
(o)    Section 6.03 of the Credit Agreement is hereby amended by (i) (deleting the “.” at the end of clause (a)(xvii) thereof and replacing it with “; and” and (ii) adding the following new clause (a)(xviii) immediately following such clause (a)(xvii):
“(xviii) the sale, conveyance, assignment or other transfer of Securitization Assets to any Person in a Qualified Factoring Transaction; provided that so long as after giving effect thereto the aggregate outstanding face amount of accounts receivable, royalty or other revenue streams, other rights to payment, that have been sold, conveyed, assigned or otherwise transferred (or purported to be sold, conveyed, assigned or otherwise transferred) by the Borrower or any Subsidiary, and not collected or determined by the Borrower to be uncollectible, does not exceed $600,000,000 at any time outstanding.”
(p)    Section 6.08 of the Credit Agreement is hereby amended by (i) deleting the word “and” immediately preceding clause (xi) thereof and replacing it with “,”, (ii) deleting the “.” at the end of clause (xi) thereof and replacing it with “, and”, and (iii) adding a new clause (xii) that reads in its entirety as follows:

“(xii) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to any Qualified Factoring Transaction.”
(q)    Article IX of the Credit Agreement is hereby amended by adding the following new 
Section 9.21: 
“Section 9.21. Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.”
3.Termination of Revolving Commitments.  The Revolving Commitments of each Revolving Lender that submits a counterpart to this Amendment as a “consenting lender” but not as a “2023 Revolving Lender” (such Revolving Lender, a “Consenting Terminating Lender”), shall be automatically and permanently terminated on the First Amendment Effective Date. On the First Amendment Effective Date, the Administrative Agent shall make the reallocations, sales, assignments or other relevant actions in respect of the credit exposure of each 2023 Revolving Lender under the Credit Agreement as are deemed necessary in order to or so that each 2023 Revolving Lender’s Revolving Credit Exposure and outstanding Revolving Loans under the Credit Agreement reflects each 2023 Revolving Lender’s Applicable Percentage of the outstanding aggregate Revolving Credit Exposures as of the First Amendment Effective Date, after giving effect to the termination of Revolving Commitments of the Consenting Terminating Lenders. The parties hereto waive the requirement of any prior notice required under the Credit Agreement with respect to the termination of the Revolving Commitments of the Consenting Terminating Lenders.   
4.Conditions to Effectiveness of this Amendment.  This Amendment shall become effective as of the date (the “First Amendment Effective Date”) on which each of the following conditions precedent shall have been satisfied:

(a)     Certain Documents.  The Administrative Agent shall have received this Amendment, duly executed and delivered by the Borrower, each Subsidiary Guarantor, the Swingline Lender, the Issuing Bank, the Administrative Agent, the Required Lenders and each Revolving Lender.
(b)     Corporate and Other Proceedings.  All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Amendment, shall be reasonably satisfactory in all respects to the Administrative Agent.
(c)    Fees and Expenses Paid. The Administrative Agent shall have received (i) for the account of each Revolving Lender party hereto that delivers its executed signature page to this Amendment as a “2023 Revolving Lender” by no later than the date and time specified by the Administrative Agent, (1) an upfront fee in an amount equal to the amount previously disclosed to the Lenders and (2) an amount equal to the accrued interest and fees payable to such Lenders as of the First Amendment Effective Date, and (ii) payment of the Administrative Agent’s and its affiliates’ fees and reasonable and documented out-of-pocket expenses (including reasonable and documented out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Amendment to the extent invoices therefor have been provided to the Borrower at least one Business Day prior to the date hereof.
(d)    Consenting Terminating Lenders.  Each Consenting Terminating Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon and accrued fees payable to it as of the First Amendment Effective Date.
5.Representations and Warranties.  Each Loan Party represents and warrants to the Administrative Agent and the Lenders as follows:
(a)    The execution, delivery and performance by such Loan Party of this Amendment is within such Loan Party’s corporate powers or limited liability company powers, as applicable, and has been duly authorized by all necessary corporate or limited liability company, and, if required, stockholder or member action, as applicable, on the part of such Loan Party.  This Amendment has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity regardless of whether considered in a proceeding in equity or at law. 
(b)    After giving effect to this Amendment, all representations and warranties set forth in the Credit Agreement are true and correct in all material respects as if made on the date of this Amendment, except for representations and warranties that specifically refer to an earlier date.
(c)    No Event of Default has occurred and is continuing as of the date hereof.
(d)    No consent or approval of any Governmental Authority or any other Person is required for any of the Loan Parties to execute, deliver and perform this Amendment.  
(e)    After giving effect to this Amendment, the Administrative Agent has continuing, perfected liens in the Collateral pursuant to the terms of the Collateral Documents. 
6.Ratification by Subsidiary Guarantors.  Each of the Subsidiary Guarantors acknowledges that its consent to this Amendment is not required, but each of the undersigned nevertheless does hereby agree and consent to this Amendment and to the documents and agreements referred to herein.  Each of the Subsidiary Guarantors agrees and acknowledges that (i) notwithstanding the effectiveness of this Amendment, such Subsidiary Guarantor’s guarantee (as set forth in the Subsidiary Guaranty) shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of such Subsidiary Guarantor’s guarantee or any other Loan Document executed by such Subsidiary Guarantor (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects.  Each of the Subsidiary Guarantors hereby agrees and acknowledges that no other agreement, instrument, consent or document shall be required to give effect to this Section 6.  Each of the Subsidiary Guarantors hereby further acknowledges that the Borrower, the Administrative 

Agent and any Lender may from time to time enter into any further amendments, modifications, terminations and/or waivers of any provision of the Loan Documents without notice to or consent from such Subsidiary Guarantor and without affecting the validity or enforceability of such Subsidiary Guarantor’s guarantee or giving rise to any reduction, limitation, impairment, discharge or termination of such Subsidiary Guarantor’s guarantee.
7.Miscellaneous.
(a)    Except as expressly provided herein, the Credit Agreement shall continue in full force and effect, and the terms and conditions of the Credit Agreement are expressly incorporated herein and ratified and confirmed in all respects.
(b)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender under the Loan Documents.
(c)    This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  
(d)    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(e)    The terms of this Amendment shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.
MICROCHIP TECHNOLOGY INCORPORATED, as the Borrower

By: /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title:  Chief Financial Officer

MICROCHIP TECHNOLOGY LLC,
as a Subsidiary Guarantor

By:  Microchip Technology Incorporated,
its sole member

By:  /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Manager
 
SILICON STORAGE TECHNOLOGY, INC.,
as a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/Chief Financial Officer

SILICON STORAGE TECHNOLOGY, LLC,
as a Subsidiary Guarantor

By: Silicon Storage Technology, Inc. 
its sole member

By:  /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title: Director/Chief Financial Officer

MICROCHIP HOLDING COPORATION, 
As a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name: James Eric Bjornholt
Title:  Director/President

ATMEL CORPORATION 
as a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name:  James Eric Bjornholt
Title:  Director, Vice President, & Chief Financial Officer

ATMEL HOLDINGS, INC., 
as a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name:  James Eric Bjornholt
Title:  Director, Vice President, & Chief Financial Officer

By:  /s/ James Eric Bjornholt    
Name:  James Eric Bjornholt
Title:  Director, Vice President, & Chief Financial Officer

MICROSEMI CORPORATION,
as a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name:  James Eric Bjornholt
Title:  Director, Vice President, & Chief Financial Officer

MICROSEMI STORAGE SOLUTIONS, INC.,
as a Subsidiary Guarantor

By:  /s/ James Eric Bjornholt    
Name:  James Eric Bjornholt
Title:  Director/President

JPMORGAN CHASE BANK, N.A, as Administrative Agent, Issuing Bank, Swingline Lender and Lender

By: /s/ Caitlin Stewart        
Name:  Caitlin Stewart
Title:  Executive Director

Name of Lender: Wells Fargo Bank, National Association                                                                     

 

                
2023 Revolving Lender:            

/s/ S. Michael St. Geme__________                
Name:  S. Michael St. Geme                         
Title:    Managing Director                    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:    

Name of Lender: Bank of America, N.A.                                                                     

 

                
2023 Revolving Lender:            

/s/ Arti Dighe__________                
Name:  Arti Dighe                         
Title:    Vice President                    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:        

Name of Lender: HSBC Bank, USA, N.A.                                                                     

 

                
2023 Revolving Lender:            

/s/ Aleem Shamji                        
Name:  Aleem Shamji                         
Title:  Director                    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:        

Name of Lender: BMO Harris Bank N.A.                                                                     

 

                
2023 Revolving Lender:            

/s/  Terry Switz__________                
Name:  Terry Switz                         
Title:    Director                    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: U.S. BANK NATIONAL ASSOCIATION                                                                    

 

                
2023 Revolving Lender:            

/s/ Matt S. Scullin                        
Name:  Matt S. Scullin                         
Title:    Senior Vice President.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: SUNTRUST BANK 

 

                
2023 Revolving Lender:            

/s/ Christian Sumulong                        
Name:  Christian Sumulong                         
Title:    Vice President.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: MUFG BANK, LTD.                                                                   

 

                
2023 Revolving Lender:            

/s/ Matthew Antioco                        
Name:  Matthew Antioco                         
Title:    Director.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: FIFTH THIRD BANK                                                                    

 

                
2023 Revolving Lender:            

/s/ Joseph Alexander                        
Name:  Joe Alexander                         
Title:    Principal    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Royal Bank of Canada

 

                
2023 Revolving Lender:            

/s/ Kamran Khan                    
Name:  Kamran Khan                         
Title:    Authorized Signatory    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: DBS BANK LTD.,  

 

                
2023 Revolving Lender:            

/s/ Santanu Mitra                        
Name:  Santanu Mitra                         
Title:    Executive Director    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Mizuho Bank, Ltd. 

 

                
2023 Revolving Lender:            

/s/ Tracy Rahn                            
Name:  Tracy Rahn                         
Title:    Authorized Signatory    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: BNP Paribas 

 

                
2023 Revolving Lender:            

/s/ J. George Ko                         
Name:  J. George Ko                         
Title:    Director    

Second signature (if required):            

/s/ Liz Cheng___________________             
Name:  Liz Cheng                        
Title:    Vice President                    
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: The Bank of Nova Scotia 

 

                
2023 Revolving Lender:            

/s/ Jason Rinne                            
Name:  Jason Rinne                         
Title:    Director

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: BBVA USA, an Alabama banking corporation f/k/a Compass Bank

 

                
2023 Revolving Lender:            

/s/ Raj Nambiar                        
Name:  Raj Nambiar                         
Title:    Sr. Vice President

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Citizens Bank, Na

 

                
2023 Revolving Lender:            

/s/ Tyler Stephens                        
Name:  Tyler Stephens                         
Title:    Vice President    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: THE TORONTO-DOMINION BANK, NEW YORK BRANCH 

 

                
2023 Revolving Lender:            

/s/ Peter Kuo                        
Name:  Peter Kuo                         
Title:    Authorized Signatory    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Credit Agricole Corporate and Investment Bank

 

                
2023 Revolving Lender:            

/s/ Jill Wong                        
Name:  Jill Wong                         
Title:    Director    

Second signature (if required):            

/s/ Gordon Yip____________             
Name:    Gordon Yip                    
Title:    Director                    
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: SANTANDER BANK, N.A.

 

                
2023 Revolving Lender:            

/s/ Jay Masgina                        
Name:  Jay Masgina                         
Title:    Managing Director    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: BOK FINANCIAL d/b/a BOKF, NA 

 

                
2023 Revolving Lender:            

/s/ Alec Hansen                        
Name:  Alec Hansen                         
Title:    Vice President.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: MidFirst Bank 

 

                
2023 Revolving Lender:            

/s/ Tim Dillingham                        
Name:  Tim Dillingham                         
Title:    Sr. Vice President.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH 

 

                
2023 Revolving Lender:            

/s/ James Hua                        
Name:  James Hua                         
Title:    Senior Vice President.    

Second signature (if required):            

/s/ Kitty Sin________________________             
Name:    Kitty Sin                    
Title:    Senior Vice President                    
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Land Bank of Taiwan, New York Branch 

 

                
2023 Revolving Lender:            

/s/ Arthur Chen                            
Name:  Arthur Chen                         
Title:    General Manager

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Taiwan Business Bank, Los Angeles Branch

 

                
2023 Revolving Lender:            

/s/ Shenn-Bao Jean                         
Name:  Shenn-Bao Jean                         
Title:    General Manager    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Bank of Taiwan, New York Branch

 

                
2023 Revolving Lender:            

/s/ Chum-Kai Tai                         
Name:  Chun-Kai Tai                         
Title:    VP & General Manager    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Taiwan Cooperative Bank

 

                
2023 Revolving Lender:            

/s/ Ping-Yu Wang                         
Name:  Ping-Yu Way                     
Title:    V.G.M.    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        
    

Name of Lender: CHANG HWA COMMERCIAL BANK LTD., NEW YORK BRANCH

 

                
2023 Revolving Lender:            

/s/ Jerry C.S. Liu                         
Name:  Jerry C.S. Liu                         
Title:    V.P. & General Manager    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:                                                        

Name of Lender: Mega International Commercial Bank Co., Ltd., New York Branch

 

                
2023 Revolving Lender:            

/s/ Pi Kai Liu                         
Name:  Pi Kai Liu                         
Title:    AVP    

Second signature (if required):            

________________________             
Name:                        
Title:                        
 
If executing solely as a consenting lender but not as a 2023 Revolving 
Lender:        

________________________                
Name:                         
Title:                        

Second signature (if required):            

________________________             
Name:                        
Title:

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