Document:

Exhibit 10.30

Exhibit 10.30

    
AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT NO. 1 (this “Amendment”) dated as of August 23, 2013 to the Fifth Amended and Restated Credit Agreement dated as of January 23, 2013 (as amended prior to the date hereof, the “Credit Agreement”) among Windstream Corporation (the “Borrower”), the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “Administrative Agent”) and the other agents party thereto.
W I T N E S S E T H: 
WHEREAS, the parties hereto desire to amend certain provisions of the Credit Agreement, as provided herein; 
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1.  Defined Terms; References.  Unless otherwise defined herein, each term used herein which is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.  Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after the amendments herein become effective, refer to the Credit Agreement as amended hereby.

SECTION 2.  Amendments to the Credit Agreement.  

(a)Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in appropriate alphabetical order:
“Holdco” means Windstream Holdings, Inc., a Delaware corporation, of which the Borrower will be a wholly-owned subsidiary.
“Permitted Holdco Payments” means, without duplication as to amounts:
(a)    payments or other distributions (whether in cash, securities or other property) to Holdco or any successor thereof to permit Holdco or such successor to pay (i) franchise taxes or other costs of maintaining its corporate existence and (ii) reasonable and customary accounting, legal and administrative expenses and other operating expenses of Holdco attributable to ownership of the Wireline Companies; and

(b)    for so long as any of the Wireline Companies is a member of a group or subgroup filing a consolidated or combined tax return with Holdco or any successor thereof, payments or other distributions (whether in cash, securities or other property), directly or indirectly, to Holdco or any successor thereof in respect of the tax liabilities of such group or subgroup that are attributable to the income of the Wireline Companies and are required to be paid by Holdco or any successor thereof by reason of it being the parent of such group or subgroup (net of any such payments paid directly by the Wireline Companies).
(b)Clause (b)(i) of the definition of Available Distributable Cash is hereby amended and restated in its entirety as follows:
“(i)    the aggregate amount of Restricted Payments made by the Wireline Companies during such period, other than any such Restricted Payments (A) made to another Wireline Company, (B) paid from Available Equity Proceeds, (C) made as a part of the Transactions, (D) permitted under clause (ii), (ix), (xii) or (xv) of Section 6.08(a) or (E) permitted under clause (x) of Section 6.08(a) to the extent not exceeding the amount of cash and Cash Equivalents owned by Valor immediately prior to, and by the Borrower immediately after giving effect to, the Merger;”
(c)The definition of Change of Control is hereby amended and restated in its entirety as follows: 

““Change of Control” means the occurrence of any of the following: 
(a)    any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than Holdco, becomes the Beneficial Owner, directly or indirectly, of 50% or more of the voting power of the Voting Stock of the Borrower; or
(b)    the first day on which a majority of the members of the board of directors of the Borrower are not Continuing Directors.”
(d)Clause (b) of the definition of Permitted Refinancing Indebtedness is hereby amended by adding the phrase “equal to or” immediately after the phrase “has a final maturity date”;

(e)The definition of Repurchase Right is hereby amended and restated in its entirety as follows:

““Repurchase Right” means, with respect to any Indebtedness, the right to require the prepayment, repurchase, redemption or defeasance of such Indebtedness (including any obligation to prepay, repurchase, redeem or defease such Indebtedness).”

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(f)The definition of Restricted Indebtedness is hereby amended and restated in its entirety as follows:

““Restricted Indebtedness” means the New Notes, the Assumed Bonds, any Permitted Additional Debt, any Indebtedness incurred pursuant to clause (2) of Section 6.01(a)(xxi), any Permitted Pari Passu Indebtedness and the Peach Notes.”
(g)Clause (a) of Section 6.01 is hereby amended by (x) adding “(1)” to the beginning of clause (xxi), (y) changing the period at the end of clause (xxi) to “and” and (z) adding the following new clause (2):

“(2) Permitted Refinancing Indebtedness in respect of Permitted Additional Debt previously incurred under clause (1) (including, without limitation, the Permitted Additional Debt listed on Schedule 6.01-B) or Indebtedness previously incurred under this clause (2); provided that unsecured Indebtedness in the form of a bridge loan financing (or any “exchange notes” to be issued therefor) that (A) would constitute Permitted Additional Debt (other than with respect to final maturity date and as set forth below) and (B) would constitute Permitted Refinancing Indebtedness in respect of Indebtedness previously incurred under clause (1) or under this clause (2), in the case of either (A) or (B) above but for the inclusion in the documentation governing such Indebtedness of (x) certain negative covenants that are more restrictive than those included in this Agreement and/or (y) a Mandatory Prepayment Provision (it being agreed that any such mandatory prepayment provision shall be deemed not materially more restrictive that the covenants contained in this Agreement), in each case to the extent such provisions are customary for bridge financings (as determined by a Financial Officer in good faith) shall also be permitted under this clause (2) (and any such Indebtedness shall be deemed to constitute Permitted Refinancing Indebtedness for all purposes of this Agreement).”
(h)Clause (b) of Section 6.01 is hereby amended by adding “(1)” immediately after “(xxi)” therein.

(i)Clause (j) of Section 6.02 is hereby amended by replacing “(except as provided in clause (e) of the definition thereof)” with “(except as provided in clause (d) or (e) of the definition thereof)”.

(j)Clause (m) of Section 6.02 is hereby amended and restated in its entirety as follows:
“(m)     Liens in favor of any Lender in respect of the Investment of the Loan Parties in participation certificates or Equity Interests of such Lender permitted pursuant to clause (s) of Section 6.04;”
(k)Clause (s) of Section 6.04 is hereby amended and restated in its entirety as follows:

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“(s)     Investments existing on the date hereof in participation certificates or Equity Interests of any Lender and additional Investments made after the Closing Date in any such participation certificates or Equity Interests (including accruals on such certificates or Equity Interests made by such Lender in accordance with such Lender’s bylaws and capital plan); and”
(l)Section 6.08(a) is hereby amended by (x) deleting the word “and” at the end of clause (xiii), (y) changing the period at the end of clause (xiv) to “; and” and (z) adding the following new clause (xv):

“(xv) Permitted Holdco Payments.”
(m)Section 6.09 is hereby amended by (x) deleting the word “and” at the end of clause (f), (y) changing the period at the end of clause (g) to “and” and (z) adding the following new clause (h):
"(h)     payments by Wireline Companies on behalf of Holdco; provided that such payments could have been made as a Permitted Holdco Payment."
(n)Section 6.10 is hereby amended by (x) deleting the word “and” at the end of clause (viii), (y) changing the period at the end of clause (ix) to “; and” and (z) adding the following new clause (x):

"(x)     the foregoing shall not apply to any such restrictions included in the documentation governing Investments made pursuant to Section 6.04(s) to the extent such restrictions relate solely to such Investments."
(o)Section 7(h) is hereby amended and restated in its entirety as follows:

“(h)    any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with all applicable grace periods having expired and all applicable notices having been given) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (except to the extent (i) the holders of the Valor Bonds may require the repurchase thereof as a result of the “Change of Control” of Valor resulting from the Merger, (ii) the holders of any of the Peach Notes may require the repurchase thereof as a result of the “Change of Control” of Peach resulting from the Peach Merger or (iii) the holders of any Permitted Escrow Notes may require the prepayment or redemption thereof pursuant to a Permitted Mandatory Redemption Provision (but only so long as the related Notes Escrowed Proceeds (and no other amounts) are applied to satisfy such Permitted Mandatory Redemption 

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Provision within the time specified in the documentation governing such Permitted Escrow Notes); provided that without limiting the foregoing clauses (i), (ii) and (iii), this clause (h) shall not apply (x) to secured Indebtedness that becomes due as a result of the voluntary sale or transfer or other disposition of the property or assets securing such Indebtedness or (y) to a Repurchase Right that arises in connection with any “Change of Control” or “Change of Control Triggering Event” (or similar event, however denominated) under (A) any indenture or other agreement in respect of Material Indebtedness permitted under Section 6.01(a)(viii) or 6.01(a)(ix) or (B) any other indenture or other agreement in respect of Material Indebtedness (other than the Loans) to the extent directly resulting from the Borrower becoming a wholly-owned subsidiary of Holdco, so long as, within 91 days following the date on which such Repurchase Right arises, the holders of such Indebtedness no longer have a Repurchase Right with respect to such Indebtedness (including as a result of the repayment, repurchase, redemption or defeasance of such Indebtedness or the satisfaction by the obligor in respect of such Indebtedness of its obligation to offer to prepay, repurchase, redeem or defease such Indebtedness (and, if applicable, to actually prepay, repurchase, redeem or defease such Indebtedness) in accordance with the terms thereof);”
SECTION 3.  Representations Correct; No Default. (a) The Borrower represents and warrants that, after giving effect to this Amendment, (i) the representations and warranties contained in the Loan Documents that are qualified by materiality are true and correct, and the representations and warranties that are not so qualified are true and correct in all material respects, in each case as though made on and as of the date hereof (other than with respect to any representation and warranty that expressly relates to an earlier date, in which case such representation and warrant is true and correct in all material respects as of such earlier date) and (ii) no Default has occurred and is continuing as of the date hereof.

(b)The Borrower represents and warrants, on and as of the date hereof, that (i) it has the requisite power to execute and deliver this Amendment, and all corporate or other action required to be taken by it for the due and proper authorization, execution, delivery and performance of this Amendment has been duly and validly taken; (ii) this Amendment has been duly authorized, executed and delivered by it and (iii) no material Governmental Authorization is or will be required in connection with the execution and delivery of this Amendment.

(c)The Borrower represents and warrants that this Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally and except as enforceability may be 

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limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

SECTION 4.  Counterparts.   This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telefacsimile or electronic transmission (in PDF format) shall be effective as delivery of a manually executed counterpart of this Amendment.
    
SECTION 5.  Costs and Expenses.  Without limiting the obligations of Borrower under the Credit Agreement, the Borrower agrees to pay to the Administrative Agent all of the Administrative Agent’s reasonable out-of-pocket expenses, paid or payable in connection with the preparation, negotiation, execution and delivery of this Amendment, including the reasonable fees, charges and disbursements of counsel to the Administrative Agent in connection with the foregoing.

SECTION 6.  Effectiveness.  

(a)This Amendment shall become effective as of the date hereof on the date (the “Fifth ARCA First Amendment Effective Date”) when the Administrative Agent shall have received: 

(i)duly executed counterparts hereof signed by the Borrower and the Required Lenders (or, in the case of any Lender as to which an executed counterpart shall not have been received, the Administrative Agent shall have received facsimile or other written confirmation from such party of execution of a counterpart hereof by such Lender);

(ii)a reaffirmation agreement in form and substance reasonably satisfactory to the Administrative Agent, entered into by each Loan Party not a party hereto; and

(iii)all amounts due and payable pursuant to Section 5 of this Amendment and all other amounts payable pursuant to Section 9.03(a) of the Credit Agreement, in each case for which invoices have been presented not later than one Business Day prior to the Fifth ARCA First Amendment Effective Date.

(b)    Except as expressly set forth herein, the amendments contained herein shall not constitute a waiver or amendment of any term or condition of the Credit Agreement or any other Loan Document, and all such terms and conditions shall remain in full force and effect and are hereby ratified and confirmed in all respects.
(c)    This Amendment shall constitute a “Loan Document” for all purposes under the Credit Agreement as amended hereby and the other Loan Documents.

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SECTION 7.  Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    

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

	
		
	WINDSTREAM CORPORATION, as Borrower

	By:
	/s/ John P. Fletcher

	Name: John P. Fletcher

	Title: Executive Vice President and General Counsel

Signature Page to 
Amendment No. 1 to Fifth ARCA

	
		
	JPMORGAN CHASE BANK, N.A., as Administrative Agent, Collateral Agent and a Lender

	By:
	/s/ Peter B. Thauer

	Name: Peter B. Thauer

	Title: Managing Director

Signature Page to 
Amendment No. 1 to Fifth ARCAEX-10.1

2014 Board of Directors Compensation Policy

October 25, 2013

Policy Information

	 	 	 
	Document Title:

	 	Board of Directors Compensation Policy
	Content Owner:

	 	Director of Human Resources
	Certification of Compliance Contact:

	 	N/A
	Policy Category:

	 	FHLBank Policy
	FHLBank-Level Approver:

	 	Policy Oversight Group
	Board-Level Approver:

	 	Full Board (Compensation)
	Review Frequency:

	 	Annually
	Initial Effective Date:

	 	01/01/2010
	Last POG Approval Date:

	 	11/28/2012
	Next Review Date:

	 	12/2014

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Introduction

This FHLBank Policy, governed by the board of directors (board), governs the compensation of
individuals serving as directors of the Federal Home Loan Bank of Topeka (FHLBank). Section 7(i)
of the Federal Home Loan Bank Act and 12 U.S.C. §1261.22 require the board annually to adopt a
written compensation policy to provide for the payment of reasonable compensation and expenses to
the directors for the time required of them in performing their duties as directors.

Purpose

Directors should be reasonably compensated for the time and effort exerted in the performance of
their duties as a director of FHLBank. This policy establishes reasonable compensation for the
activities and functions for which director attendance or participation is necessary and provides
compensation reflecting the total amount of time a director has spent on FHLBank business.
Differentials in meeting attendance fees for the chair, vice chair and the various committee chairs
shall reflect the additional responsibility assumed by these directors.

Scope

Directors shall be compensated based on attendance at board meetings and the director’s performance
of official FHLBank business.

Policy

1. Compensation. Individuals serving as directors of FHLBank shall be paid a meeting fee
for each day in physical attendance at a regular meeting of the board and shall receive no other
compensation from FHLBank other than reimbursement of expenses. The following table illustrates the
maximum annual compensation to be paid to various board member positions. The daily meeting fee
shall be the maximum in the table below divided by six.

	 	 	 	 	 
	Position	 	Maximum Annual Compensation
	Chair of Board
	 	$	105,000	 
	Vice Chair of Board
	 	$	90,000	 
	Committee Chair
	 	$	90,000	 
	Director
	 	$	80,000	 

An individual serving as Chair of the Board shall not be entitled to annual compensation in excess
of the amount to which the individual is entitled for such service due to concurrent service as a
Committee Chair. An individual serving as Vice Chair of the Board shall be entitled to an increase
of $5,000 in his or her Maximum Annual Compensation in the event the individual serves as both Vice
Chair of the Board and a Committee Chair.

The maximum annual compensation amounts are based on an evaluation of McLagan market research data,
a fee comparison among the FHLBanks and the board’s assessment of appropriate and comparable pay
that will allow the FHLBank to recruit and retain highly qualified directors.

2. Adjustments in Compensation. Only fees that reflect performance of official FHLBank
business shall be paid to a director. This Policy is structured to allow decreases in compensation
to reflect lesser attendance or performance at board or committee meetings during a given year.

In addition to the compensation structure and potential reductions from the maximum annual
compensation as set forth in paragraph 1, the Chair of the Compensation Committee shall have the
authority, in his or her sole discretion, to recommend that the board reduce the compensation of
any director to reflect lesser attendance or performance at board or committee meetings during a
given year. The Chair of the board shall have the authority, in his or her sole discretion, to
recommend that the board reduce the compensation of the Chair of the Compensation Committee to
reflect lesser attendance or performance at board or committee meetings during a given year. If the
Chair of the Compensation Committee or the Chair of the board, as appropriate, determines that the
compensation paid to a director does not reflect the director’s performance of official FHLBank
business, the Chair of the Compensation Committee or the Chair of the board, as appropriate, may
recommend that the board authorize a clawback of that director’s compensation in an amount to be
determined by the board.

The Chair of the Compensation Committee shall have the authority, in his or her sole discretion, to
recommend that the board provide compensation to a director(s) who is not in physical attendance at
a regular meeting of the board, but attends via teleconference, due to extreme circumstances, such
as a natural disaster or a severe illness. The Chair of the board shall have the authority, in his
or her sole discretion, to recommend that the board provide compensation to the Chair of the
Compensation Committee if he or she is not in physical attendance at a regular meeting of the
board, but attends via teleconference, due to extreme circumstances, such as a natural disaster or
a severe illness.

On a quarterly basis, the Chair of the Compensation Committee and the Chair of the board shall
review attendance records, as prepared by the corporate secretary, and shall use those records, in
addition to considering director performance, when determining whether to recommend the board
reduce or clawback a director’s compensation.

3. Number of Meetings. The board shall hold at least six regular board meetings per year.
Special meetings of the board may be held as provided in the FHLBank’s bylaws.

4. Reimbursement of Expenses. Directors shall be entitled to reimbursement for all
necessary and reasonable travel, subsistence and other related expenses incurred in connection with
the performance of their official duties as provided in the Directors and Executive Officers Travel
Policy, except that directors may not be paid for gift or entertainment expenses.

Policy Review

This policy shall be reviewed annually and revised as needed by the Director of Human Resources.
Following such review, the policy shall be submitted for review and approval by the Policy
Oversight Group. In the event of any revisions to the Policy, such revisions shall be submitted for
review and approval by the Compensation committee and the board, which shall occur no less than
annually.

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