Document:

Exhibit 10.7

 

First
Amendment to

third amended and restated credit agreement

 

This Agreement is made as
of October 27, 2021

 

BETWEEN:

 

BROOKFIELD BUSINESS L.P.

BROOKFIELD BBP CANADA HOLDINGS INC.

BROOKFIELD BBP BERMUDA HOLDINGS LIMITED

BROOKFIELD BBP US HOLDINGS LLC

 

(collectively, the “Borrowers”)

 

and

 

BROOKFIELD BUSINESS PARTNERS L.P.

 

(the “Guarantor”)

 

and

 

BPEG US Inc.

 

(the “Lender”)

 

RECITALS:

 

		A.	The Borrowers, the Guarantor and the Lender are parties to a third amended and restated credit agreement
dated as of August 26, 2019, pursuant to which the Lender has established a credit facility for the benefit of the Borrowers (the
 “Credit Agreement”); and

 

		B.	The Borrowers, the Guarantor and the Lender have agreed to amend the Credit Agreement to increase the
Credit Facility Amount available thereunder for an eighteen month period and to extend the Maturity Date of the Credit Facility as is
set out in this agreement;

 

NOW
THEREFORE in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

		1.	Capitalized Terms. All capitalized terms that are used herein without being specifically defined
herein shall have the meanings ascribed to them in the Credit Agreement as amended hereby.

 

     

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		2.	Amendments to Credit Agreement. The definitions of “Credit Facility Amount” and “Maturity
Date” in section 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following definitions:

 

“Credit Facility Amount” means the aggregate
amount of the Credit Commitment which equals:

 

(a)            $1,000,000,000
in respect of the period commencing on (and including) October 27, 2021 and ending on (and excluding) April 27, 2023; and

 

(b)            $500,000,000
in respect of the period commencing on (and including) April 27, 2023 and ending on the Maturity Date.

 

“Maturity Date” means June 26, 2026,
unless the Agreement is automatically renewed under Section 2.11, in which case the Maturity Date shall be the date the Agreement
is scheduled to terminate following any valid renewal.

 

		3.	Confirmation of Representations and No Default.
The Obligors represent and warrant that: no Default or Event of Default has occurred and is continuing; the representations and warranties
of the Obligors contained in the Credit Agreement are true and correct in all material respects as if made on and as of the date hereof,
except for any representations and warranties that are expressly stated to be made as of a specific date; and this agreement and the Credit
Agreement, as amended by this agreement, are legal, valid and binding obligations of the Obligors, enforceable against each of them by
the Lender in accordance with their terms except as such enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and general principals of equity (regardless
of whether such enforceability is considered a proceeding at law or in equity).

 

		4.	Future References to the Credit Agreement. On and after the date of this agreement, each reference
in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, or words of like import referring
to the Credit Agreement, and each reference in any related document to the “Credit Agreement”, “thereunder”, “thereof”,
or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. The
Credit Agreement, as amended hereby, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

 

		5.	General. Upon the execution of this agreement the Credit Agreement is hereby amended to the extent
necessary to give effect to the provisions of this agreement and to incorporate the amendment set out herein and the provisions of this
agreement into the Credit Agreement.

 

		6.	Governing Law. This agreement shall be governed by and construed in accordance with the laws of
the Province of Ontario.

 

		7.	Enurement. This agreement shall enure to the benefit of and shall be binding upon the parties hereto
and their respective successors and permitted assigns.

 

     

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		8.	Counterparts. This agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument. Executed counterparts
shall be delivered to the Lender or transmitted to the Lender by telefacsimile and the parties accept signatures so transmitted to the
Lender as original signatures.

 

[The remainder of this page is intentionally
left blank.]

 

     

     

    

 

 

IN WITNESS
WHEREOF the parties hereto have executed and delivered this agreement as of the date first above written.

 

	 	BORROWERS:
	 	 
	 	BROOKFIELD BUSINESS L.P., by its managing general partner,

                                                                        BROOKFIELD BUSINESS PARTNERS L.P., by its general partner, BROOKFIELD BUSINESS PARTNERS LIMITED

	 	 
	 	Per:	/s/ Jane Sheere
	 	 	
    Name: Jane Sheere

    Title: Secretary

 

	 	BROOKFIELD BBP CANADA HOLDINGS INC.
	 	 
	 	Per:	/s/ A.J. Silber
	 	 	
    Name: A.J. Silber

    Title: Senior Vice President &
    Secretary

 

	 	BROOKFIELD BBP BERMUDA HOLDINGS LIMITED
	 	 
	 	Per:	/s/ Jane Sheere
	 	 	
    Name: Jane Sheere

    Title: Secretary

 

	 	BROOKFIELD BBP US HOLDINGS LLC
	 	 
	 	Per:	/s/ Mark Weinberg
	 	 	
    Name: Mark Weinberg

    Title: Managing Partner

 

[Signature
Page to First Amendment to the Third Amended and Restated Credit Agreement]

 

     

     

    

 

	 	
    GUARANTOR:

     

    BROOKFIELD BUSINESS PARTNERS L.P., by its general partner, BROOKFIELD
    BUSINESS PARTNERS LIMITED

     

	 	Per:	/s/ Jane Sheere
	 	 	
    Name: Jane Sheere

    Title: Secretary

 

	 	LENDER:
	 	 
	 	BPEG US INC.
	 	 
	 	Per:	/s/ A.J. Silber
	 	 	
    Name: A.J. Silber

    Title: Senior Vice President &
    Secretary

 

[Signature
Page to First Amendment to the Third Amended and Restated Credit Agreement]Exhibit 10.18

 

FORM OF GLOBAL GUARANTEE

 

THIS
GUARANTEE (this “Guarantee”) is made as of ______________, 2021

 

BY:

 

BBUC HOLDINGS INC.

 

(the “Guarantor”)

 

IN FAVOUR OF:

 

Each
of the lenders listed on Schedule “A” hereto

 

(collectively, the
 “Lenders” and each a “Lender”).

 

RECITALS:

 

		A.	Brookfield Business L.P., Brookfield BBP Canada Holdings Inc., Brookfield BBP Bermuda Holdings Limited
and Brookfield BBP US Holdings LLC (collectively, the “Borrowers”), as borrowers, Brookfield Business Partners L.P.
(the “Existing Guarantor”), as guarantor, and each Lender, as a single lender, are parties to separate credit agreements
each dated originally as of May 4, 2018, May 18, 2018, June 4, 2018, June 12, 2019, November 5, 2019, December 17,
2019, as applicable, pursuant to which each Lender has established a credit facility for the benefit of the Borrowers (as amended, restated
or supplemented from time to time, herein called the “Credit Agreements” and each a “Credit Agreement”);

 

		B.	The Guarantor has agreed to deliver this Guarantee in favour of each of the Lenders to guarantee the payment
of the Obligations (as defined below) under each of the Credit Agreements; and

 

		C.	Except as expressly provided herein, all capitalized terms used herein but not defined shall have the
meaning ascribed thereto in each Credit Agreement, as applicable;

 

NOW
THEREFORE in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

		1.	Interpretation

 

All capitalized terms used
but not defined in this agreement will have the meanings attributed to such terms in each Credit Agreement or all Credit Agreements, as
the context requires.

 

     

     

    

 

		2.	Guarantee

 

		2.1	Guarantee

 

The Guarantor hereby jointly
and severally, unconditionally and irrevocably guarantees to each Lender and its successors and assigns the prompt payment in full when
due of the “Obligations” (as defined in each Credit Agreement) under each and all of the Credit Agreements (the “Obligations”).
The Guarantor hereby further agrees that if any Borrower shall fail to pay in full when due (whether by acceleration or otherwise) any
of the Obligations, the Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension
of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether by acceleration or otherwise)
in accordance with the terms of such extension or renewal.

 

		2.2	Obligations Absolute

 

The obligations of the Guarantor
under Section 2.1 are absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability
of the obligations of any Borrower under each Credit Agreement, the other Financing Documents or any other agreement or instrument referred
to therein, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest
extent permitted by Applicable Law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, it being the intent of this Guarantee that the obligations of the Guarantor hereunder shall
be absolute and unconditional under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that, to
the fullest extent permitted by Applicable Law, the occurrence of any one or more of the following shall not alter or impair the liability
of the Guarantor hereunder, which shall remain absolute and unconditional as described above:

 

		(i)	at any time or from time to time, without notice to the Guarantor, the time for any performance of or
compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;

 

		(ii)	any of the acts mentioned in any of the provisions of each Credit Agreement or any other agreement or
instrument referred to therein shall be done or omitted;

 

		(iii)	the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified,
supplemented or amended in any respect, or any right under each Credit Agreement or any other agreement or instrument referred to therein
shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released or exchanged in whole or in
part or otherwise dealt with;

 

		(iv)	any lack of validity or enforceability of any agreement between any Borrower and each Lender;

 

		(v)	any impossibility, impracticability, frustration of purpose, illegality, force majeure or act of any Governmental
Authority;

 

		(vi)	the bankruptcy, winding-up, liquidation, dissolution or insolvency of any Borrower or any other Person,
or the amalgamation of or any change in the status, function, control or ownership of any Borrower and/or each Lender or any other Person;

 

     

     

    

 

		(vii)	any lack or limitation of power, incapacity or disability on the part of any Borrower or of the directors,
officers, employees or agents thereof or any other irregularity, defect or informality on the part of any Borrower in its obligations
to each Lender;

 

		(viii)	any other law, regulation or other circumstance that might otherwise constitute a defence available to,
or a discharge of, any Borrower in respect of any or all of the Obligations; or

 

		(ix)	any payment or failure to pay by any Borrower hereunder.

 

The Guarantor, to the fullest
extent permitted by Applicable Law, hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever,
and any requirement that each Lender exhaust any right, power or remedy or proceed against any Borrower under each Credit Agreement or
any other agreement or instrument referred to therein, or against any other Person under any other guarantee of, or security for, any
of the Obligations.

 

		2.3	Reinstatement

 

The obligations of the Guarantor
under this Guarantee shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Borrower
in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result
of any proceedings in bankruptcy or reorganization or otherwise, and the Guarantor agrees that it will indemnify each Lender on demand
for all reasonable costs and expenses (including reasonable fees of counsel) incurred by each Lender in connection with such rescission
or restoration, including any such reasonable costs and expenses incurred in defending against any claim alleging that such payment constituted
a preference, fraudulent transfer or similar payment under any Debtor Relief Law.

 

		2.4	Subrogation

 

The Guarantor hereby agrees
that until the payment and satisfaction in full of all Obligations and the expiration and termination of the Revolving Credit Commitment
under each Credit Agreement it shall not exercise any right or remedy arising by reason of any performance by it of its guarantee in Section 2.1,
whether by subrogation or otherwise, against any Borrower or any other Guarantor of any of the Obligations or any security for any of
the Obligations.

 

		2.5	Remedies

 

The Guarantor agrees that, to
the fullest extent permitted by Applicable Law, as between the Guarantor on the one hand and each Lender on the other, the obligations
of any Borrower under each Credit Agreement may be declared to be forthwith due and payable as provided in Article 7 of each Credit
Agreement (and shall be deemed to have become automatically due and payable in the circumstances provided in Article 7 of each Credit
Agreement) for purposes of this Section 2.1 notwithstanding any stay, injunction or other prohibition preventing such declaration
(or such obligations from becoming automatically due and payable) as against any Borrower and that, in the event of such declaration (or
such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by such
Borrower) shall forthwith become due and payable by the Guarantor for purposes of Section 2.1).

 

     

     

    

 

		2.6	Continuing Guarantee

 

This Guarantee is a continuing
guarantee, and shall apply to all Obligations whenever arising until the expiration or termination of the Revolving Credit Commitment
and payment in full of the principal of and interest on each Loan and all fees and other amounts payable hereunder.

 

		2.7	Prima Facie Evidence

 

Any account settled or stated
in writing by or between each Lender and any Borrower will be prima facie evidence that the balance or amount thereof appearing
due to each Lender is so due.

 

		2.8	No Set-off

 

In any claim by any Lender against
the Guarantor, the Guarantor may not assert any set-off or counterclaim that the Guarantor may have against such Lender.

 

		2.9	Joint and Several Liability

 

The joint and several obligations
of the Guarantor hereunder are of payment and not of collection and are independent of the obligations of the Existing Guarantor and any
other party who becomes a Guarantor under each Credit Agreement (together, the “Other Guarantors”) and a separate action
or actions may be brought against the Guarantor whether or not action is brought against any of the Other Guarantors. Each Lender may
enforce its applicable Credit Agreement and the other Financing Documents against the Guarantor without first making demand upon or instituting
collection proceedings against any of the Other Guarantors. The Guarantor hereby waives promptness, diligence, notice of acceptance and
any other notice with respect to the obligations of any of the Other Guarantors and any requirement that each Lender protect, secure,
perfect or insure any security interest or Lien, or any property subject thereto, or exhaust any right or take any action against any
of the Other Guarantors or entity.

 

		3.	Headings

 

The headings of the sections
of this agreement are inserted for convenience of reference only and will not affect the construction or interpretation of this agreement.

 

		4.	Governing Law

 

The parties agree that this
agreement will be governed by and construed and interpreted in accordance with the laws of the Province of Ontario.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS
WHEREOF the undersigned has executed and delivered this Guarantee as of the date first above written.

 

	 	BBUC HOLDINGS INC.

 

	 	By:	 
	 	 	
    Name:

    Title:

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