Document:

Exhibit

Exhibit 10.5
FIFTH AMENDMENT TO CREDIT AGREEMENT
THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”) dated as of March 18, 2016, among NEWFIELD EXPLORATION COMPANY, a Delaware corporation, (the “Borrower”); each of the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”); and WELLS FARGO BANK, NATIONAL ASSOCIATION as syndication agent for the Lenders.
R E C I T A L S
A.    The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of June 2, 2011 (as amended by that certain First Amendment to Credit Agreement dated as of September 27, 2011, that certain Second Amendment to Credit Agreement dated as of April 29, 2013, that certain Third Amendment to Credit Agreement dated as of June 25, 2013, and that certain Fourth Amendment to Credit Agreement dated as of March 5, 2015, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    The Borrower, the Administrative Agent and the Lenders desire to amend certain provisions of the Credit Agreement.  
C.    NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Fifth Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Fifth Amendment. Unless otherwise indicated, all section references in this Fifth Amendment refer to sections of the Credit Agreement.
Section 2.Amendments to Credit Agreement.  
2.1    Existing Definitions.  Section 1.01 of the Credit Agreement is hereby amended by deleting the following defined terms in their entirety, and replacing each of them with the following:
“Agreement” means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement dated as of September 27, 2011, as amended by that certain Second Amendment to Credit Agreement dated as of April 29, 2013, as amended by that certain Third Amendment to Credit Agreement dated as of June 25, 2013, as amended by that certain Fourth Amendment to Credit Agreement dated as of March 5, 2015, as amended by that certain Fifth Amendment to Credit Agreement dated as of 

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March 18, 2016, and as the same may from time to time be amended, modified, supplemented or restated.
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Eurodollar Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that,  the Adjusted Eurodollar Rate for any day shall be based on the Eurodollar Rate at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Eurodollar Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Eurodollar Rate, respectively.
“Consolidated EBITDAX” means, with respect to the Borrower and its Subsidiaries, for any period, Consolidated Net Income for that period, plus (a) to the extent included in determining Consolidated Net Income for that period, (i) the aggregate amount of Consolidated Interest Expense for that period, (ii) the aggregate amount of letter of credit fees paid by the Borrower and its Subsidiaries during that period, (iii) the aggregate amount of income and franchise tax expense of the Borrower and its Subsidiaries for that period, (iv) any extraordinary or non-recurring losses or charges for such period (including, but not limited to, losses and charges associated with the termination or settlement of contracts and reorganization charges), (v) losses on the disposition of assets, (vi) all amounts attributable to depreciation, depletion, amortization, ceiling test write-downs and other non-cash charges and expenses of the Borrower and its Subsidiaries for that period, (vii) exploration and abandonment expenses and (viii) all other non-cash items reducing such Consolidated Net Income for such period, and, minus (b) to the extent included in determining Consolidated Net Income for that period, (i) any extraordinary or non-recurring income or gains for such period (including, but not limited to, income and gains associated with the termination or settlement of contracts and reorganization charges), (ii) gains on the disposition of assets, and (iii) all other non-cash items increasing Consolidated Net Income for such period; provided, however, non-cash income or gains in respect of deferred revenue, production payments and other matters included in the definition of Indebtedness shall not be subtracted from Consolidated Net Income under clause (b).  
“Consolidated Interest Expense” means, with respect to the Borrower and its Subsidiaries on a consolidated basis for any period, the sum of (i) gross interest expense (whether cash or accrued) of the Borrower and its Subsidiaries for such period on a consolidated basis in accordance with GAAP, including to the extent included in interest expense in accordance 

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with GAAP (x) the amortization of debt discounts and (y) the portion of any payments or accruals with respect to Capital Lease Obligations allocable to interest expense and (ii) capitalized interest of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP; provided, that Consolidated Interest Expense shall not include non-cash amortization of debt issuance costs.
“Consolidated Net Income” means, for any period, net income of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP; provided that the calculation of Consolidated Net Income shall exclude any non-cash charges or losses and any non-cash income or gains, in each case, required to be included in net income of the Borrower and its Restricted Subsidiaries as a result of the application of FASB Accounting Standards Codifications 718, 815, 410 and 360 but shall expressly include any cash charges or payments that have been incurred as a result of the termination of any Swap Agreement.
“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied or, in the case of clause (iii) above, such Lender notifies the Administrative Agent in writing of a good faith dispute with respect to the amount of such payment, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied), (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event, or (e) has become the subject of a Bail-In Action.

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“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate.
2.2    Additional Definitions.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order to read as follows:
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, 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.

“EEA Financial Institution” means (a) any institution 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 institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means 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” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a Banking Day, for the immediately preceding Banking Day); provided that if none of such 

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rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions, (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).
“Write-Down and Conversion Powers” means, 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.
2.3    Amendment to Section 2.16.  Section 2.16 of the Credit Agreement is hereby amended by inserting the following new Subsection 2.16(i) where alphabetically appropriate:
(i)    For purposes of determining withholding Taxes imposed under FATCA, from and after the Fifth Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans and this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
2.4    Amendment to Section 2.19.  Section 2.19 of the Credit Agreement is hereby amended by inserting the words “or a Bail-In Action” immediately following the words “a Bankruptcy Event” in clause (i) of the penultimate paragraph of such Section.
2.5    Amendment to Article III.  Article III of the Credit Agreement is hereby amended by inserting the following new Section 3.14 where numerically appropriate:
Section 3.14    EEA Financial Institutions.  Neither the Borrower nor any of its Subsidiaries is an EEA Financial Institution.
2.6    Amendment to Section 6.04(b).  Section 6.04(b) of the Credit Agreement is hereby amended by deleting the phrase “3.0 to 1.0” and replacing it with “2.5 to 1.0.”

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2.7    Amendment to Article IX.  Article IX of the Credit Agreement is hereby amended by inserting the following new Section 9.16 where numerically appropriate:
Section 9.16    Acknowledgement 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 any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document 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.
Section 3.Conditions Precedent. This Fifth Amendment shall become effective on the date (such date, the “Fifth Amendment Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 9.02 of the Credit Agreement):
3.1    The Administrative Agent (or its counsel) shall have received from the Required Lenders and the Borrower either (a) a counterpart of this Agreement signed on behalf of such party or (b) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

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3.2    The Administrative Agent, Lenders and Arrangers shall have received all fees and other amounts due and payable on or prior to the Fifth Amendment Effective Date, including but not limited to, (a) an upfront fee payable to the Administrative Agent for the account of each Lender that has consented to this Fifth Amendment by submitting its signature page on or before 5:00 p.m. New York time on March 16, 2016 in an amount equal to 20 basis points on the amount of each such Lender’s commitment under the Credit Agreement in effect on the Fifth Amendment Effective Date and (b) to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.
The Administrative Agent is hereby authorized and directed to declare this Fifth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted in Section 9.02 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.  
Section 4.Miscellaneous.
4.1    Confirmation.  The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment.
4.2    Ratification and Affirmation.  The Borrower hereby ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby.
4.3    Loan Document.  This Fifth Amendment is a Loan Document.
4.4    Representations and Warranties.  The Borrower hereby represents and warrants to the Lenders that:
(a)    the execution and delivery by the Borrower of this Fifth Amendment are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action.  This Fifth Amendment has been duly executed and delivered by the Borrower, and constitutes a legal, valid and binding obligation of the Borrower, 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; and 
(b)    as of the date hereof, after giving effect to the terms of this Fifth Amendment:
(i)    all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except that any such representations and warranties that are qualified as to materiality shall be true and correct in all respects), except to the extent any such representations and 

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warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such specified earlier date;
(ii)    no Default or Event of Default has occurred and is continuing; and
(iii)    no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
4.5    Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fifth Amendment by facsimile or other electronic transmission (i.e. a “pdf” or a “tif”) shall be effective as delivery of a manually executed counterpart hereof.
4.6    NO ORAL AGREEMENT.  THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
4.7    GOVERNING LAW.  THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[SIGNATURES BEGIN NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of the date first written above.

	
		
	BORROWER:
	NEWFIELD EXPLORATION COMPANY

	 
	By:     /s/ Lawrence S. Massaro    
   Lawrence S. Massaro
   Executive Vice President and 
   Chief Financial Officer

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	ADMINISTRATIVE AGENT AND LENDER:
	JPMORGAN CHASE BANK, N.A.

	 
	By:     /s/ Anson Williams       
   Name: Anson Williams
   Title: Authorized Officer 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	By:     /s/ Ellen Cheng       
   Name: Ellen Cheng
    Title: Vice President 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

	 
	By:     /s/ Kevin Sparks       
   Name: Kevin Sparks
    Title: Director 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	THE BANK OF NOVA SCOTIA

	 
	By:     /s/ John Frazell       
   Name: John Frazell
    Title: Director 

	 
	 

	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	SCOTIABANK, INC.

	 
	By:     /s/ J.F. Todd       
   Name: J.F. Todd
    Title: Managing Director 

	 
	 

	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	U.S. BANK NATIONAL ASSOCIATION

	 
	By:     /s/ Nicholas T. Hanford       
   Name: Nicholas T. Hanford
    Title: Vice President 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	SUMITOMO MITSUI BANKING CORPORATION

	 
	By:     /s/ James D. Weinstein       
   Name: James D. Weinstein
    Title: Managing Director 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	 
	By:     /s/ Nupur Kumar       
   Name: Nupur Kumar
    Title: Authorized Signatory 

By:     /s/ Lorenz Meier       
   Name: Lorenz Meier
    Title: Authorized Signatory 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	BMO HARRIS BANK N.A.

	 
	By:     /s/ Melissa Guzmann       
   Name: Melissa Guzmann
    Title: Vice President

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH

	 
	By:     /s/ Trudy Nelson       
   Name: Trudy Nelson
    Title: Authorized Signatory 

	 
	By:     /s/ William M. Reid       
   Name: William M. Reid
    Title: Authorized Signatory 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	GOLDMAN SACHS BANK USA

	 
	By:     /s/ Jerry Li       
   Name: Jerry Li
    Title: Authorized Signatory 

	 
	 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	MIZUHO BANK LTD.

	 
	By:     /s/ Leon Mo       
   Name: Leon Mo
    Title: Authorized Signatory 

	 
	 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	FIFTH THIRD BANK

	 
	By:     /s/ Jonathan H. Lee       
   Name: Jonathan H. Lee
    Title: Director 

	 
	 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	SOCIÉTÉ GÉNÉRALE 

	 
	By:     /s/ David M. Bornstein       
   Name: David M. Bornstein
    Title: Director 

	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	ROYAL BANK OF CANADA

	 
	By:     /s/ Kristan Spivey       
   Name: Kristan Spivey
    Title: Authorized Signatory

	 
	 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration Company

	
		
	 
	 

	LENDER:
	BARCLAYS BANK PLC

	 
	By:     /s/ Ronnie Glenn       
   Name: Ronnie Glenn
    Title: Vice President 

	 
	 

    
	
		
	 
	 

Signature Page to Fifth Amendment to Credit Agreement – Newfield Exploration CompanyExhibit

EXECUTION COPY

FIRST AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT AND LIMITED WAIVER
 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND
LIMITED WAIVER (this "Amendment") is entered into as of May 2, 20 16, by and between PLANTRONICS , INC., a Delaware corporation  ("Borrower"), and WELLS FARGO BANK , NATIONAL  ASSOCIATION  ("Bank").

RECITALS

WHEREAS, reference is hereby made to (i) that certain Amended and Restated Credit Agreement between Borrower and Bank dated as of May I 5, 2015 (as amended , restated , modified and/or supplemented from time to time, the "Credit Agreement") and (ii) that certain Revolving Line of Credit Note dated May I 5, 2015 in the maximum principal amount of $100,000,000.00, executed by Borrower in favor of Bank.

WHEREAS , pursuant to that certain draft certificate dated April29, 2016 provided by Borrower to Bank pursuant to Section 5.3(c) of the Credit Agreement with respect to Borrower's fiscal quarter ended March 31, 2016 (including the draft financial statements delivered by Borrower to Bank in connection therewith) , Borrower has informed Bank that as of Borrower's fiscal quarter ended March 31, 2016, Borrower 's and its Subsidiaries' Funded Debt to EBITDA ratio was approximately 3.04 to 1 .00, which ratio exceeds the ratio permitted as of such date pursuant to Section 5.9(a) of the Credit Agreement, resulting in Borrower's breach of Section 5.9(a) under the Credit Agreement (the "Specified Default").

WHEREAS, Borrower has requested that Bank (i) waive the Specified Default and all Events of Default under the Credit Agreement arising solely as a result of the Specified Default and (ii) agree to certain additional changes in the terms and conditions set forth in the Credit Agreement and, subject to the terms and conditions of this Amendment, Bank has agreed to Borrower's requests.

AGREEMENT

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

I .    Borrower acknowledges that the Specified Default constitutes an Event of Default under the Credit Agreement. Pursuant to the request of Borrower and subject to the terms and conditions of this Amendment and satisfaction of each of the conditions precedent set forth in Section 6 herein, Bank hereby waives the Specified Default and all of the Events of Default arising solely from the Specified Default, and Bank's remedies under the Credit Agreement and all of the other Loan Documents with respect to the Specified Default and all of the Events of Default arising solely from the Specified Default. The limited waiver set forth in this Section I shall be limited precisely as written and shall not be deemed to constitute: (a) an amendment , consent or waiver of any other terms or conditions of the Credit Agreement or any other Loan Document; (b) shall not extend nor be deemed to extend to any other Event of Default that may now exist or hereafter arise under the Credit Agreement or any other Loan  Documents, whether similar or dissimilar to the Specified Default; (c) a waiver of any breach of any other provision of the Credit Agreement ; (d) an impairment, restriction or limitation of any right or remedy of Bank with respect to any other Event of Default that may now exist or hereafter arise under the Credit Agreement or any other Loan Documents; (e) a consent to any future amendment, consent or waiver, whether of any subsequent breach of the same provisions or otherwise; and (f) any course of dealing or other basis for altering any obligation of Borrower or any right, privilege or remedy of Bank under the Credit Agreement or any other Loan Documents.  Except as expressly stated herein, Bank reserves all rights, powers and remedies under the Credit Agreement and all of the other Loan Documents.  Except as expressly set forth in this Amendment, the Credit Agreement and each other document executed and delivered in connection with the Credit Agreement shall continue in full force and effect.

2.    Section 1.1 of the Credit Agreement is hereby amended by deleting in its entirety the definition of the term "EBITDA " set forth therein , and substituting the following therefor:

"EBITDA" means, for any period , for Borrower and its Subsidiaries on a consolidated basis, determined in accordance with GAAP, the sum of:  (a) the net income (or net loss) for such period; plus (b) all amounts treated as expenses for such period for depreciation, interest and amortization (including , without limitation, the amortization of intangibles of any kind), but in each case only to the extent included in the determination of such net income (or net loss); plus (c) all charges for foreign , federal , state and local taxes for such period on or measured by income, but in each case only to the extent included in the determination  of such net income (or net loss); plus (d) all non-cash expenses or charges for stock compensation  for directors, officers, employee s and consultants for such period, but in each case only to the extent included in the determination of such net income (or net loss) and to the extent such non-cash expenses or charges are not reserved for cash charges to be taken in the future; provided that net income (or net loss) shall be computed for all of the foregoing purposes without giving effect to extraordinary gains or extraordinary  losses; plus (e) non-cash  losses, charges or expenses (except to the extent that such non-cash charges or expenses occur in the ordinary course of business and are reserved for cash charges or expenses to be taken in the future), including non-cash impairment of goodwill and intangible assets; plus (f) without duplication of any other amounts referenced in clauses (b), (c), (d), (e), (g) and (h) of this definition , cash and non-cash employee related business restructuring charges or expenses incurred during the third and fourth fiscal quarters of Borrower 's 2016 fiscal year, in an aggregate amount not to exceed $ 16,200,000; plus (g) in connection with any Permitted Acquisition and any acquisition consummated prior to the date hereof but during the applicable period , all non-recurring restructuring costs, facilities relocation costs, acquisition integration costs and fees, including cash severance payments, and non-recurring fees and expenses paid in connection with such acquisition, all to the extent incurred within twelve (12) months of the completion of such acquisition; plus (h) out-of-pocket costs, fees and expenses incurred in connection with, and directly related to, (i) this Agreement and the transactions contemplated hereby, (ii) any Permitted Acquisition , (iii) issuances of any equity interests, (iv) disposition s of any assets  permitted hereunder, or (v) incurrence , amendment, modification , refinancing or repayment of Indebtedness permitted hereunder (in each case of clauses (ii) through (iv), whether or not successful), including, without limitation , legal, accounting and advisory fees, in each case (x) to the extent that such out-of-pocket costs and expenses are incurred within twelve (12) month s following the date hereof(in the case of this Agreement) or the consummation of such acquisition, issuance, disposition, incurrence, amendment, modification, refinancing or repayment, as applicable.

3.    Section 2.l(a) of the Credit Agreement is hereby deleted in its entirety, and the following substituted therefor:

(a)    Line of Credit.   Subject to the term s and conditions of this Agreement , Bank hereby agrees to make advances to Borrower from time to time up to and including May 9, 2019, in an aggregate outstanding amount not to exceed at any time the Commitment (the "Line of Credit"), the proceed s of which shall be used to refinance existing Indebtedness under the Prior Credit Agreement, to finance stock repurchases (including through open market purchases , privately negotiated purchases, accelerated stock repurchase contracts, forward purchase contracts or similar derivative instruments, dutch auction tender offers or through a combination of any of the above) and for general corporate purposes.  Borrower 's obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 2, 2016 (as amended, amended and restated, modified or otherwise supplemented  from time to time, the "Line of Credit Note"), all terms of which  are incorporated herein by this reference.

	
			
	 
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4.    The following is hereby added to the Credit Agreement as Section 6.11: 

SECTION  6.11.NO FURTHER NEGATIVE  PLEDGES ; RESTRJCTIVE AGREEMENTS. Enter into, assume or permit to exist, or permit any Subsidiary to enter into, assume or permit to exist, any agreement prohibiting or otherwise restricting the creation or assumption of any Lien in favor of Bank upon its properties or assets, whether now owned or hereafter acquired , or requiring the grant of any security for the obligations under any such agreement if security is given for some other obligation, except (i) pursuant to this Agreement and the other Loan Documents, (ii) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 6.3(b) (provided that any such restriction contained therein relates only to the asset or assets financed thereby) , (iii) pursuant to that certain Indenture, dated as of May 27, 2015, among Borrower, the guarantors from time to time party thereto, and U.S. Bank National Association, as trustee (without giving effect to any amendments thereto not consented to in writing by Bank), (iv) customary restrictions in connection with any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien), (v) customary restrictions contained in contractual obligations incurred in the ordinary course of business and on customary terms that limit Liens on such contractual obligations, (vi) customary provisions restricting the subletting or assignment of any lease and customary provisions in licenses and other contracts restricting the assignment thereof, (vii) any prohibition or restriction that exists pursuant to applicable law, and (viii) restrictions or prohibitions contained in any agreements binding on a Subsidiary and existing prior to the consummation of an acquisition in which such Subsidiary was acquired (and not created in contemplation of such acquisition) ; provided that such restrictions and prohibitions apply only to such Subsidiary and such Subsidiary's Subsidiaries.

5.    The obligation of Bank to amend the terms and conditions of the Credit Agreement as provided herein , is subject to the fulfillment to Bank's satisfaction of all of the following conditions by no later than May 2, 2016:

(a)    Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed :

(i)    This Amendment.
(ii)    The Guarantor’s   Consent and Reaffirmation attached hereto.
(iii)    The Revolving Line of Credit Note.
(iv)    Such other document s as Bank may require under any other section of this Amendment.

(b)    In addition to Borrower’s   obligations under the Credit Agreement and the other Loan Documents, Borrower shall have paid to Bank the full amount of all costs and expenses, including reasonable attorneys' fees (including the allocated costs of Bank's in-house counsel) expended or incurred by Bank in connection with the negotiation and preparation of this Amendment, for which Bank has made demand.

(c)    The representations and warranties contained in the Credit Agreement and in each of the other Loan Documents shall be true on and as of the date of the signing of this Amendment , with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and correct as of such earlier date, and except that the representations and warranties contained in Section 3.5 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 5.3 of the Credit Agreement.

(d)    Other than the Specified Default and any Event of Default arising solely from the Specified Default, no Default shall exist as of the date of this Amendment.

	
			
	 
	3
	 

6.    Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.   This Amendment and the Credit Agreement shall be read together, as one document.  This Amendment is a Loan Document.

7.    Borrower hereby reaffirms all covenants set forth in the Credit Agreement. Borrower hereby represents and warrants that (a) each of the representations and warranties contained in the Credit Agreement and in each of the other Loan Documents is true on and as of the date of the signing of this Amendment , with the same effect as though such representations and warranties had been made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date, and except that the representation s and warranties contained in Section 3.5 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 5.3 of the Credit Agreement and (b) other than the Specified Default and any Event of Default arising solely from the Specified Default, no Default shall exist as of the date of this Amendment.

8.    This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Amendment.

[Continues With Signatures On Next Page)

	
			
	 
	4
	 

IN WITNESS WHEREO, the parties hereto have caused this Amendment to be executed as of the day and year first written above.

	
					
	 
	PLANTRONICS, INC.
	

	 
	WELLS FARGO BANK,
NATIONAL ASSOCIATION

	By:
	/s/ Pamela Strayer
	 
	By:

	/s/ Scott Schnugg

	 
	Pamela Strayer
	 
	Name:

	Scott Schnugg

	 
	Senior Vice President & Chief Financial Officer
	 
	Title:

	VP

	
			
	 
	 
	First Amendment to
Amended and Restated Credit Agreement
and Limited Waiver

GUARANTOR'S CONSENT AND REAFFIRMATION

The undersigned guarantor of all indebtedness of PLANTRONICS, INC., a Delaware corporation, to WELLS FARGO BANK, NATIONAL ASSOCIATION hereby: (i) consents to the foregoing Amendment; (ii) reaffirms its obligations under its Continuing Guaranty; (iii) reaffirms its waivers of each and every one of the defenses to such obligations as set forth in its Continuing Guaranty; and (iv) reaffirms that its obligations under its Continuing Guaranty are separate and distinct from the obligations of any other party under said Amendment , the Credit Agreement referred to therein , and the other Loan Documents described in the Credit Agreement.

Dated as of May 2, 2016

GUARANTOR:
FREDERICK ELECTRONICS CORPORATION
	
		
	By:
	/s/ Richard R. Pickard

	 
	Richard R. Pickard

	 
	Secretary

	
			
	 
	 
	First Amendment to
Amended and Restated Credit Agreement
and Limited Waiver

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