Document:

Exhibit

CONSENT AND AMENDMENT NO. 4 TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is entered into as of March 1, 2017, by and among TITAN MACHINERY INC., a Delaware corporation ("Borrower"), the Lender parties hereto and Wells Fargo Bank, National Association, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, the "Agent"). 
WHEREAS, Borrower, the Lenders and Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of October 28, 2015 (as amended, restated, modified or supplemented from time to time, the "Credit Agreement"); 
WHEREAS, Section 5.1 to the Credit Agreement, together with clause (e) of Schedule 5.1 to the Credit Agreement, provide that Borrower shall deliver to Agent its Projections for the 2018 fiscal year within 30 days after the start of such fiscal year (the "2018 Projections");
WHEREAS, Borrowers have requested that Agent and the Lenders consent to an extension of delivery of the 2018 Projections until March 23, 2017 (the "Requested Extension"); and
WHEREAS, Borrower has requested that Agent and the Lenders consent to the Requested Extension and amend the Credit Agreement as set forth herein, and Agent and the Lenders have agreed to the foregoing, on the terms and conditions set forth herein;
NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:
1.Defined Terms.  Unless otherwise defined herein, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

2.Consent.  In reliance upon the representations and warranties of each Loan Party set forth in Section 7 below and subject to the satisfaction of the conditions to effectiveness set forth in Section 6 below, Agent and the Lenders hereby consent to the Requested Extension, effective as of the original due date for delivery of the 2018 Projections.  The foregoing is a limited consent, and except as expressly set forth herein, shall not constitute (i) modifications or alterations of the terms, conditions or covenants of the Credit Agreement or any other Loan Document or (ii) waivers, releases or limitations upon the exercise by Agent or any Lender of any of its rights, legal or equitable, thereunder.

3.Amendments to Credit Agreement.  In reliance upon the representations and warranties of each Loan Party set forth in Section 7 below and subject to the satisfaction of the conditions to effectiveness set forth in Section 6 below, the Credit Agreement is amended as follows:

8525458v2 2/28/2017 9:35 AM                                            1989.438

(a)Schedule 5.1 of the Credit Agreement is hereby amended to amend and restate clause (e) thereof in its entirety as follows:
	
		
	as soon as available, but in any event within 60 days after the start of each of Borrower's fiscal years (commencing with the 2019 fiscal year),
	(e)copies of Borrower's Projections, in form and substance (including as to scope and underlying assumptions) satisfactory to Agent, in its Permitted Discretion, for the forthcoming 3 years, year by year, and for the forthcoming fiscal year, quarter by quarter, certified by the chief financial officer or treasurer of Borrower (acting solely on behalf of Borrower and not in any individual capacity) as being such officer's good faith estimate of the financial performance of Borrower during the period covered thereby, it being agreed and understood that such Projections represent Borrower's good faith estimate, on the date such Projections are delivered, of the Loan Parties' and their Subsidiaries' future performance for the periods covered thereby based upon assumptions believed by Borrower to be reasonable at the time of the delivery thereof to Agent (it being further understood that such Projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Loan Parties and their Subsidiaries, and no assurances can be given that such Projections will be realized, and although reflecting Borrower's good faith estimate, projections or forecasts based on methods and assumptions which Borrower believed to be reasonable at the time such Projections were prepared, are not to be viewed as facts, and that actual results during the period or periods covered by the Projections may differ materially from projected or estimated results).

1.Continuing Effect.  Except as expressly set forth in Sections 2 and 3 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby.

2.Reaffirmation and Confirmation.  Each Loan Party hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents, in each case as amended, supplemented or otherwise modified by this Amendment, to which it is a party represent the valid, enforceable and collectible obligations of such Loan Party, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document.  Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations.  The Liens and rights securing payment of the Obligations are hereby ratified and confirmed in all respects by each Loan Party.

3.Conditions to Effectiveness.  This Amendment shall become effective upon the satisfaction of the following conditions precedent:

(a)Agent shall have received a copy of this Amendment executed and delivered by Agent, the Issuing Bank, the Required Lenders and Borrower; and 

(b)no Default or Event of Default shall have occurred and be continuing.

4.Representations and Warranties.  In order to induce Agent and the Lenders to enter into this Amendment, Borrower hereby represents and warrants to Agent and the Lenders that:

(a)all representations and warranties contained in the Loan Documents to which any Loan Party is a party are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment (except to the extent that such representations and warranties expressly relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of such earlier date);

(b)no Default or Event of Default has occurred and is continuing; and  

(c)this Amendment and the Loan Documents, as modified hereby, constitute legal, valid and binding obligations of such Loan Party and are enforceable against each Loan Party in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally.

5.Release.  In consideration of the agreements of Agent and the Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Loan Party hereby releases and forever discharges Agent and the Lenders and their respective directors, officers, employees, agents, attorneys, affiliates, subsidiaries, successors and permitted assigns from any and all liabilities, obligations, actions, contracts, claims, causes of action, damages, demands, costs and expenses whatsoever (collectively "Claims"), of every kind and nature, however evidenced or created, whether known or unknown, arising prior to or on the date of this Amendment including, but not limited to, any Claims involving the extension of credit under or administration of this Amendment, the Credit Agreement or the Loan Documents, as each may be amended, or the obligations, liabilities and/or indebtedness incurred by Borrower or any other transactions evidenced by this Amendment, the Credit Agreement or the Loan Documents.

6.Miscellaneous.

(a)Expenses.  Each Loan Party acknowledges and agrees that Section 15.7 of the Credit Agreement applies to this Amendment and the transactions, agreements and documents contemplated hereunder.

(b)Choice of Law and Venue; Jury Trial Waiver; Reference Provision.  Without limiting the applicability of any other provision of the Credit Agreement or any other Loan Document, the terms and provisions set forth in Section 12 of the Credit Agreement are expressly incorporated herein by reference.

(c)Counterparts; Electronic Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

(signature page follows)

IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their respective officers thereunto duly authorized and delivered as of the date first above written.
	
		
	 
	BORROWER:
TITAN MACHINERY INC.

By: /s/ Ted O. Christianson                                       
Title: /s/ Treasurer                                                       

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, as a Lender and as Issuing Bank

By: /s/ Laura Wheeland                                             
Title: Vice President                                                 

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	BANK OF AMERICA, N.A.,
as a Lender

By: /s/ Carlos Gil                                                      
Title:  Senior Vice President                                     

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ Dennis Cloud                                                      
Title:  Vice President                                                        

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	REGIONS BANK,
as a Lender

By: /s/ Darius Sutrinaitis                                              
Title: Vice President                                                   

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	COMPASS BANK,
as a Lender

By: /s/ Jason Nichols                                                      
Title:  Senior Vice President                                         

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	WOODFOREST NATIONAL BANK,
as a Lender

By: /s/ John Zimbo                                                 
Title:  First Vice President                                     

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit Agreement

	
		
	 
	AGCOUNTRY FARM CREDIT SERVICES, FLCA,
as a Lender

By: /s/ Nicole Schwartz                                           
Title: Vice President                                                

Signature Page to Consent and Amendment No. 4 to Second Amended and Restated Credit AgreementExhibit

AMENDMENT NO. 5 TO THE AMENDED AND RESTATED WHOLESALE FINANCING PLAN
_____________________________________________________________________________________________
    
This Amendment No. 5 to the Amended and Restated Wholesale Financing Plan (the “Amendment”) is entered into effective as of February 15, 2017 by and between Titan Machinery, Inc., (“Debtor”) and DLL Finance LLC (f.k.a. Agricredit Acceptance LLC) (“Secured Party”) (each a “Party” and collectively the “Parties”).  

Debtor and Agricredit Acceptance LLC, as predecessor in interest to Secured Party, entered into the Amended and Restated Wholesale Financing Plan dated October 31, 2013, as amended by Amendment No. 1 to the Amended and Restated Wholesale Financing Plan dated April 1, 2015, Amendment No. 2 to the Amended and Restated Wholesale Financing Plan dated September 1, 2015, Amendment No. 3 to the Amended and Restated Wholesale Financing Plan dated April 1, 2016, and Amendment No. 4 to the Amended and Restated Wholesale Financing Plan dated August 31, 2016 (as amended, the “Agreement”), and Debtor and Secured Party now desire to further amend the Agreement as set forth below. 

NOW THEREFORE, INTENDING TO BE LEGALLY BOUND, and in consideration of the mutual covenants and agreements contained herein, the Parties agree as follows:

		
	1.
	Integration.  Except as amended herein, the terms and conditions of the Agreement shall remain unchanged and in full force and effect.  In the event of a conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall prevail.  Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Agreement.

		
	2.
	Amendment.  The Agreement shall be amended as follows:

		
	a.
	The Total Amount of Uncommitted Credit Facility at Approval, as indicated on the first page of the Agreement, shall be deleted and replaced with Forty-Five Million Dollars ($45,000,000.00). Debtor waives receipt of written notice from Secured Party regarding the foregoing.

		
	b.
	Section 10, titled “Annual Renewal Fee,” is hereby deleted in its entirety and replaced with the following:

		
	10.
	ANNUAL RENEWAL FEE. In addition to Debtor’s obligations, representations and warranties hereunder, Debtor shall pay to Secured Party an Annual Renewal Fee equal to ten thousand dollars ($10,000.00).  Secured Party will invoice the Annual Renewal Fee by July 31st of each year.  The annual renewal fee shall be due and payable to Secured Party no later than August 31st of that year.

    
		
	3.
	Miscellaneous.  This Amendment may be executed in counterparts, including facsimile counterparts, each of which will constitute an original, but which collectively will form one and the same instrument.  This Amendment constitutes the final agreement between the Parties and is the exclusive expression of the Parties’ agreement on the matters contained herein.  All earlier and contemporaneous negotiations and agreements between the Parties on the matters contained herein are expressly merged into and superseded by this Amendment.  Any modification or additions to the terms of this Amendment must be in a written agreement identified as an amendment and executed by both Parties.  

	
						
	IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date set forth above.

	
	Titan Machinery, Inc.
	
	

DLL Finance LLC 
At: 8001 Birchwood Court, Johnston, IA  50131

	Debtor

	/s/ Ted O. Christianson
	

/s/ Todd R. Cate

	Authorized Signature
	Authorized Signature

	Ted O. Christianson, Treasurer
	2/1/17
	Todd R. Cate, VP Operations                                    
	2/2/2017

	Print Name & Title
	Date
	Print Name & Title
	Date

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