Document:

Exhibit

Execution Version

TEREX CORPORATION

and

HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee  

__________________

WAIVER AGREEMENT 

Dated as of September 30, 2016

to

FOURTH SUPPLEMENTAL INDENTURE

Dated as of November 26, 2012

to Senior Debt Indenture dated as of July 20, 2007

Between

TEREX CORPORATION

and

HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee

__________________

6.00% Senior Notes Due 2021

WAIVER AND AGREEMENT (this “Waiver Agreement”), dated as of September 30, 2016, between TEREX CORPORATION, a Delaware corporation (the “Company”), and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”).
WITNESSETH:
WHEREAS, the Company executed and delivered to the Trustee an Indenture dated as of July 20, 2007 by and between the Company and the Trustee (the “Base Indenture”) as supplemented by the Fourth Supplemental Indenture dated November 26, 2012 governing the 6.00% Senior Notes due 2021 (collectively, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture; 
WHEREAS, pursuant to the Notice of Consent Solicitation dated September 21, 2016 (the “Notice”), as modified by the Supplement, dated September 26, 2016 (the “Supplement”), the Company has solicited (the “Consent Solicitation”) the Holders to direct the Trustee to execute and deliver a waiver to the Indenture to waive compliance with the Limitation on Sales of Assets and Subsidiary Stock covenant with respect to the percentage of consideration received in the form of cash and Cash Equivalents from a particular Asset Disposition, as more specifically set forth herein (the “Waiver”); 
WHEREAS, Sections 902 and 1006 of the Indenture provide that, subject to certain inapplicable exceptions, the Company and the Trustee may waive compliance with any provision of the Indenture and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (the “Requisite Consents”);
WHEREAS, in connection with the Consent Solicitation, Holders that delivered, and have not withdrawn, a valid consent to the Waiver on a timely basis (the “Consenting Holders”) are entitled to receive a consent fee (the “Consent Fee”) with respect to the Notes in respect of which they have validly consented if all of the conditions to the Consent Solicitation are met;
WHEREAS, the Holders that have approved this Waiver Agreement (as evidenced by their execution of a Consent Form) constitute Holders of at least a majority in aggregate principal amount of the Notes now outstanding and are willing to direct the Trustee to execute and deliver this Waiver Agreement;
WHEREAS, consistent with the practice of The Depository Trust Company (“DTC”), DTC has authorized direct participants in DTC set forth in the 

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position listing of DTC as of September 21, 2016 to approve this Waiver Agreement as if they were Holders of the Notes held of record in the name of DTC or the name of its nominee;
WHEREAS, the Trustee is hereby directed by the Holders of the requisite principal amount of Notes to execute and deliver this Waiver Agreement in its capacity as Trustee; and
WHEREAS, the execution and delivery of this Waiver Agreement have been duly authorized by the Company and all conditions and requirements necessary to make this instrument a valid and binding agreement have been duly performed and complied with; 
NOW, THEREFORE, in consideration of the above premises, and for the purpose of memorializing the Waiver to the Indenture consented to by the Holders, each party agrees, for the benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as follows:
ARTICLE I 
 
LIMITED WAIVER OF THE INDENTURE
Section 1    Waiver.
The Holders hereby permanently and irrevocably waive compliance with the provisions of the Limitation on Sales of Assets and Subsidiary Stock covenant in Section 1042(a)(1) of the Indenture in connection with the MHPS Sale (as defined in the Notice) and in connection with the sale(s) of Konecranes Shares (as defined in the Notice) with respect to the requirement that neither the Company nor any of its Restricted Subsidiaries will make an Asset Disposition unless it receives at least 75% of the consideration for such Asset Disposition in the form of cash or Cash Equivalents (after taking into account the Fair Market Value of any Designated Non-cash Consideration having an aggregate Fair Market Value of up to the greater of (x) $150.0 million and (y) 3.0% of Consolidated Tangible Assets that the Company may elect to deem cash pursuant to the terms of the Indenture). 
ARTICLE II 
 
MISCELLANEOUS PROVISIONS

Section 2.1    Effect of Waiver Agreement. 
From and after the Waiver Operative Time (as defined below), the applicable provisions of the Indenture shall be waived in accordance herewith. Each reference in the Indenture to “this Indenture,” “hereunder,” “hereof,” or “herein” shall mean and be a reference to the Indenture modified by this Waiver Agreement unless the context otherwise requires. The Indenture as modified by this Waiver Agreement shall be read, taken and construed as one and the same instrument, and every Holder of the Notes 

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heretofore or hereafter authenticated and delivered under the Indenture as modified by this Waiver Agreement shall be bound thereby.
Section 2.2     Effectiveness.
This Waiver Agreement shall become effective and binding on the Company, the Trustee and every Holder of the Notes heretofore or hereafter authenticated and delivered under the Indenture, upon the execution and delivery by the parties to this Waiver Agreement; provided, however, that the Waiver set forth in Section 1 above shall become operative only upon the later of the (a) payment of the Consent Fee to the Consenting Holders in accordance with the terms and conditions of the Notice and (b) all Conditions (as defined in the Notice), including the MHPS Sale Condition (as defined in the Notice) have been satisfied or waived (the “Waiver Operative Time”), as notified to the Trustee in writing by the Company.
Section 2.3    Indenture Remains in Full Force and Effect. 
Except to the extent waived hereby, all provisions in the Indenture shall remain in full force and effect.
Section 2.4    Responsibilities of the Trustee.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Waiver Agreement or for or in respect of the recitals contained herein, all of which are made solely by the Company.
Section 2.5    Severability.
In case any one or more of the provisions contained in this Waiver Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.
Section 2.6    Successors and Assigns. 
All agreements of the Company in this Waiver Agreement shall bind its respective successors. All agreements of the Trustee in this Waiver Agreement shall bind its successors.
Section 2.7    Certain Duties and Responsibilities of the Trustee. 
In entering into this Waiver Agreement, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, whether or not elsewhere herein so provided. 

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The Trustee, for itself and its successor or successors, accepts the terms of the Indenture as modified by this Waiver Agreement, and agrees to perform the same, but only upon the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Waiver Agreement other than as to the validity of its execution and delivery by the Trustee.
Section 2.8    Governing Law.
THIS WAIVER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY OTHER CONFLICTS OF LAW PROVISIONS.
Section 2.9    Counterparts.
This Waiver Agreement may be executed in any number of counterparts by the parties hereto on separate counterparts, each of which, when so executed and delivered, shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.
Section 2.10     Effect of Headings.
The Section headings herein are for convenience only and shall not affect the construction hereof.
[Signature Page Follows]

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SIGNATURES

IN WITNESS WHEREOF, the parties hereto have caused this Waiver Agreement to be duly executed, all as of the date first written.
TEREX CORPORATION, 
as Issuer
By:___________________________
      Name:   
      Title:        
HSBC BANK USA, NATIONAL ASSOCIATION, 
as Trustee
By:___________________________
      Name:   
      Title:Exhibit

EXECUTION VERSION

AMENDMENT NO. 2 dated as of September 30, 2016 (this “Amendment”), to the CREDIT AGREEMENT dated as of August 13, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among TEREX CORPORATION, a Delaware corporation (“Terex”), NEW TEREX HOLDINGS UK LIMITED, with company number 02962659, a limited company organized under the laws of England, TEREX INTERNATIONAL FINANCIAL SERVICES COMPANY, with company number 327184, a company organized under the laws of Ireland (the “European Borrower”), and TEREX AUSTRALIA PTY LTD (ACN 010 671 048), a company organized under the laws of Australia and registered in Queensland, Australia, the Lenders (as defined in Article I of the Credit Agreement), the Issuing Banks (as defined in Article I of the Credit Agreement) and CREDIT SUISSE AG, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders.
A.Pursuant to the Stock and Asset Purchase Agreement dated as of May 16, 2016 (as in effect on the date hereof, the “MHPS Purchase Agreement”), between Terex and Konecranes Plc, a Finnish public company limited by shares (“Konecranes”), Terex has agreed to sell (the “MHPS Sale”) the Business (as defined in the MHPS Purchase Agreement) to Konecranes for aggregate consideration consisting of $595,000,000 and €200,000,000 in cash (subject to adjustment as provided for in the MHPS Purchase Agreement, the “MHPS Cash Consideration”) and 19,600,000 newly issued class B shares (subject to adjustment as provided for in the MHPS Purchase Agreement, the “MHPS Share Consideration”) of Konecranes.
B.    In connection with the foregoing, Terex has requested that the Credit Agreement be amended as provided for herein.
C.    The Required Lenders are so willing to amend the Credit Agreement, on the terms and subject to the conditions set forth herein.
D.    Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.      Defined Terms.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 2.      Amendments.  Effective as of the Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:

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(a)      Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical order:
“Amendment No. 2” shall mean Amendment No. 2 dated as of September 30, 2016, to this Agreement.

“MHPS Cash Consideration” shall have the meaning assigned to such term in Amendment No. 2.
“MHPS Sale” shall have the meaning assigned to such term in Amendment No. 2.
“MHPS Share Consideration” shall have the meaning assigned to such term in Amendment No. 2.
(b)      The definition of the defined term “Defaulting Lender” is hereby amended by adding the following at the end thereof (but prior to the period at the end thereof):
“, or (f) has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.”
(c)      Section 2.13(b) of the Credit Agreement is hereby amended by adding the following at the end thereof:
“Notwithstanding the foregoing, no prepayment shall be required under this Section 2.13(b) with respect to the Net Cash Proceeds of the MHPS Sale (whether such Net Cash Proceeds constitute MHPS Cash Consideration or Net Cash Proceeds in respect of the sale or other disposition of MHPS Share Consideration), provided that within a reasonable time (not to exceed 60 days) of the receipt of the Net Cash Proceeds of the MHPS Sale, Terex shall either (i) prepay a portion of the Term Loans and/or (ii) repay or redeem other Indebtedness such that after the prepayment of Term Loans and/or the repayment of such other Indebtedness, at least $300,000,000 of Indebtedness is repaid or redeemed, provided further, that the repayment of revolving Indebtedness shall be considered the repayment of other Indebtedness for purposes of this Section 2.13(b) only to the extent accompanied by a permanent reduction of the related commitment.” 
(d)      Section 6.05(a) of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (ii) thereof and (ii) deleting the period at the end of clause (iii)(F) thereof and substituting therefor the following:
“; and     (iv) Terex and the Subsidiaries may consummate the MHPS Sale (it being understood that for the avoidance of doubt, the MHPS Sale shall not constitute an Asset Sale subject to Section 6.05(b)).”

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(e)      Section 6.09(b) of the Credit Agreement is hereby amended by deleting the words “and (iv) at any time when there are no Term Loans outstanding hereunder,” set forth therein and substituting therefor the words “, (iv) Terex may redeem, repurchase or otherwise retire Existing Senior Notes with a portion of the Net Cash Proceeds of the MHPS Sale and (v) at any time when there are no Term Loans outstanding hereunder (or, with respect to the Net Cash Proceeds of the MHPS Sale, at any time)”. 
(f)      Article IX of the Credit Agreement is hereby amended by adding at the end of such Article the following as a new Section 9.24:
“SECTION 9.24.  Acknowledgment and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
The following terms shall for purposes of this Section have the meanings set forth below:
“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of such EEA Financial Institution.
“Bail-In Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

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“EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” shall mean any member state of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Write-Down and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.”
SECTION 3.      Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, each Loan Party hereby represents and warrants to the Administrative Agent and each of the Lenders that:
(a)      This Amendment has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against each of the Loan Parties in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(b)      At the time of and immediately after giving effect to this Amendment, the representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) on and as of the date hereof with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall have been true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) as of such earlier date.

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(c)      Each Borrower and each other Loan Party is in compliance in all material respects with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, and at the time of and immediately after giving effect to this Amendment, no Event of Default or Default has occurred and is continuing.
SECTION 4.      Amendment Fee.  In consideration of the agreements of the Lenders contained in this Amendment, the Borrowers agree to pay to each Lender that irrevocably and unconditionally executes and delivers a copy of this Amendment to the Administrative Agent (or its counsel) at or prior to 5:00 p.m., New York City time, on September 30, 2016 through the Administrative Agent, an amendment fee (the “Amendment Fee”) in an amount equal to 0.125% of the aggregate principal amount outstanding of such Lender’s Term Loans as of such date.  The Amendment Fee shall be earned and shall be payable in immediately available dollars (in the case of the U.S. Term Loans) or Euro (in the case of the Euro Term Loans) on the earlier of the consummation of the MHPS Sale and January 31, 2017.
SECTION 5.      Effectiveness. This Amendment shall become effective as of the date (the “Amendment Effective Date”) on which the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of (i) the Borrowers, (ii) the Subsidiary Guarantors and (iii) the Required Lenders. The Administrative Agent shall notify Terex and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 6.      Consent and Reaffirmation. Each Borrower and each other Loan Party hereby (a) consents to this Amendment and the transactions contemplated hereby, (b) agrees that, notwithstanding the effectiveness of this Amendment, the Guarantee and Collateral Agreement, the North Atlantic Guarantee Agreement and each of the other Security Documents continue to be in full force and effect, (c) affirms and confirms its guarantee (in the case of a Guarantor) of the Obligations and the pledge of and/or grant of a security interest in its assets as Collateral pursuant to the Security Documents to secure such Obligations, all as provided in the Loan Documents, and (d) acknowledges and agrees that such guarantee, pledge and/or grant continues in full force and effect in respect of, and to secure, the Obligations under the Credit Agreement and the other Loan Documents.
SECTION 7.      Applicable Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 8.      Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Amendment.
SECTION 9.      Notices.  All notices hereunder or in connection herewith shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.
SECTION 10.  Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

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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 day and year first above written.

	
		
	TEREX CORPORATION,

	By

	 
	 

	 
	Name:

	 
	Title:

	
		
	NEW TEREX HOLDINGS UK LIMITED,

	By

	 
	 

	 
	Name:

	 
	Title:

	
		
	TEREX INTERNATIONAL FINANCIAL SERVICES COMPANY,

	By

	 
	 

	 
	Name:

	 
	Title:

	
			
	TEREX AUSTRALIA PTY LTD
(ACN 010 671 048),

	By

	 
	 

	 
	Name:

	 
	Title:   

	 

	By

	 
	 

	 
	Name:

	 
	Title:   

	
		
	GENIE HOLDINGS, INC. 
GENIE INDUSTRIES, INC. 
GENIE INTERNATIONAL, INC. 
TEREX SOUTH DAKOTA, INC. 
TEREX WASHINGTON, INC.,

	By

	 
	 

	 
	Name:

	 
	Title:

	
		
	TEREX USA, LLC.

	By

	 
	 

	 
	Name:

	 
	Title:

	
		
	TEREX UTILITIES, INC.

	By

	 
	 

	 
	Name:

	 
	Title:

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent and Collateral Agent,

	 

	By

	 
	 

	 
	Name:

	 
	Title:

	 

	by

	 
	 

	 
	Name:

	 
	Title:

	 

	 
	 

SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THE TEREX CORPORATION CREDIT AGREEMENT DATED AS OF AUGUST 13, 2014, AS AMENDED.
	
			
	NAME OF LENDER:
	 

	 

	By

	 
	 

	 
	Name:

	 
	Title:

SIGNATURE PAGE TO AMENDMENT NO. 2 DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THE TEREX CORPORATION CREDIT AGREEMENT DATED AS OF AUGUST 13, 2014, AS AMENDED.
	
			
	NAME OF LENDER:
	 

	 

	By

	 
	 

	 
	Name:

	 
	Title:

	
			
	NAME OF LENDER:
	 

	 

	By

	 
	 

	 
	Name:

	 
	Title:

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