Document:

ex-102sixthsupplementalt

    Exhibit 10.2    Execution Version         MISSISSIPPI BUSINESS FINANCE CORPORATION  to  U.S. BANK TRUST COMPANY NATIONAL ASSOCIATION  (successor to Deutsche Bank National Trust Company),  as Trustee    SIXTH SUPPLEMENTAL TRUST INDENTURE  Dated effective as of August 26, 2022    Relating to:   Mississippi Business Finance Corporation  Taxable Industrial Development Revenue Bonds, Series 2013  (Helen of Troy Olive Branch, MS Project)      

 

  1  ACTIVE 65854071v3  SIXTH SUPPLEMENTAL TRUST INDENTURE dated effective as of August 26, 2022  (the “Supplemental Indenture”) between the MISSISSIPPI BUSINESS FINANCE  CORPORATION, a public corporation duly created and validly existing pursuant to the  Constitution and laws of the State of Mississippi (the “Issuer”), and U.S. BANK TRUST  COMPANY NATIONAL ASSOCIATION (successor to Deutsche Bank National Trust  Company), Olive Branch, Mississippi, a national banking association duly organized and  existing under the laws of the United States of America, as trustee (the “Trustee”), evidencing  the agreement of the parties hereto.  RECITALS  WHEREAS, the Issuer and the Trustee are parties to that certain Trust Indenture dated as  of March 1, 2013, as supplemented by that certain First Supplemental Trust Indenture, dated as  of March 1, 2014, that certain Second Supplemental Trust Indenture dated as of February 18,  2015 but effective as of February 1, 2015, that certain Third Supplemental Trust Indenture dated  as of December 7, 2016 but effective as of December 1, 2016, that certain Fourth Supplemental  Trust Indenture dated as of September 28, 2018 and that certain Fifth Supplemental Trust  Indenture dated as of May 14, 2020 (said Trust Indenture, as supplemented, the “Indenture”)  relating to the issuance of the $38,000,000 maximum aggregate principal amount of Mississippi  Business Finance Corporation Taxable Industrial Development Revenue Bonds, Series 2013  (Helen of Troy Olive Branch, MS Project), dated as of March 20, 2013 (the “Bonds”);  WHEREAS, each of the Issuer and the Trustee have been directed by Kaz USA, Inc., a  Massachusetts corporation (the “Company”), and Bank of America, N.A. (the “Purchaser”) to  amend the Indenture pursuant to this Supplemental Indenture as provided herein;  WHEREAS, in furtherance of the foregoing, each of the Issuer and the Trustee have  agreed to amend the applicable provisions of the Indenture to the extent specified below upon the  terms and conditions set forth below.  NOW, THEREFORE, in consideration of the agreements hereinafter contained, the  parties hereto agree as follows:  Section 1. Definitions.  Capitalized terms used herein and not otherwise defined shall  have the respective meanings ascribed thereto in the Indenture.  Section 2. Amendments to the Indenture.    (a) Section 1.1 of the Indenture is hereby amended by deleting the following  definitions in their entirety: “Adjustment”, “Eurodollar Rate”, “Eurodollar Rate Loan”,  “LIBOR”, “LIBOR Rate”, “LIBOR Screen Rate”, “LIBOR Successor Rate”, “LIBOR Successor  Rate Conforming Changes”, “London Banking Day”, “Relevant Governmental Body” and  “SOFR-Based Rate”.  (b) Section 1.1 of the Indenture is hereby amended by adding the following defined  terms thereto in proper alphabetical order to read as follows:  “CME” means CME Group Benchmark Administration Limited.  

 

  2  ACTIVE 65854071v3  “Conforming Changes” means, with respect to the use, administration of or  any conventions associated with SOFR or any proposed Successor Rate or  Term SOFR, as applicable, any conforming changes to the definitions of  “Base Rate”, “SOFR”, “Term SOFR” and “Interest Period”, timing and  frequency of determining rates and making payments of interest and other  technical, administrative or operational matters (including, for the avoidance  of doubt, the definitions of “Business Day” and “U.S. Government Securities  Business Day”, timing of borrowing requests or prepayment, conversion or  continuation notices and length of lookback periods) as may be appropriate, in  the discretion of the Purchaser, to reflect the adoption and implementation of  such applicable rate(s) and to permit the administration thereof by the  Purchaser in a manner substantially consistent with market practice (or, if the  Purchaser determines that adoption of any portion of such market practice is  not administratively feasible or that no market practice for the administration  of such rate exists, in such other manner of administration as the Purchaser  determines is reasonably necessary in connection with the administration of  this Indenture).  “Daily Simple SOFR” with respect to any applicable determination date  means the SOFR published on such date on the Federal Reserve Bank of New  York’s website (or any successor source).  “Sixth Supplement Indenture” means that certain Sixth Supplement Indenture,  dated as of August 26, 2022 among Issuer and Trustee and consented to by the  Company and the Purchaser.  “Sixth Supplemental Indenture Effective Date” shall mean August 26, 2022.  “SOFR Adjustment” with respect to Daily Simple SOFR means 0.26161%  (26.161 basis points); and with respect to Term SOFR means 0.10% (10 basis  points) for an Interest Period of one-month’s duration or three-month’s  duration.  “Successor Rate” has the meaning specified in Section 14.10.  “Term SOFR Loan” means the Loan when it bears interest at a rate based on  clause (a) of the definition of Term SOFR.  “Term SOFR Screen Rate” means the forward-looking SOFR term rate  administered by CME (or any successor administrator satisfactory to the  Purchaser) and published on the applicable Reuters screen page (or such other  commercially available source providing such quotations as may be  designated by the Purchaser from time to time).  “U.S. Government Securities Business Day” means any Business Day, except  any Business Day on which any of the Securities Industry and Financial  Markets Association, the New York Stock Exchange or the Federal Reserve  Bank of New York is not open for business because such day is a legal  

 

  3  ACTIVE 65854071v3  holiday under the federal laws of the United States or the laws of the State of  New York, as applicable.  (c) The definition of “Applicable Margin” set forth in Section 1.1 of the Indenture is  hereby amended to read as follows:  “Applicable Margin” shall mean the following percentages per annum,  based upon the Net Leverage Ratio as set forth in the most recent Compliance  Certificate received by the Purchaser pursuant to Section 7(b)(1) of the Guaranty  Agreement:  Pricing  Level  Net Leverage Ratio Term SOFR for  the Loan  Base Rate  for the  Loan  I Less than 1.50 to 1.00 1.000% 0.000%  II Greater than or equal to 1.50 to 1.00 but  less than 2.00 to 1.00  1.125% 0.125%  III Greater than or equal to 2.00 to 1.00 but  less than 2.50 to 1.00  1.375% 0.375%  IV Greater than or equal to 2.50 to 1.00 but  less than 3.00 to 1.00  1.625% 0.625%  V Greater than or equal to 3.00 to 1.00 but  less than 3.50 to 1.00  1.875% 0.875%  VI Greater than or equal to 3.50 to 1.00 2.000% 1.000%    Any increase or decrease in the Applicable Margin resulting from a  change in the Net Leverage Ratio shall become effective as of the first Business  Day immediately following the date a Compliance Certificate is delivered to the  Purchaser pursuant to Section 7(b)(1) of the Guaranty Agreement; provided,  however, that if a Compliance Certificate is not delivered when due in accordance  with such Section 7(b)(1), Pricing Level VI shall apply as of the third Business  Day after the date on which such Compliance Certificate was required to have  been delivered and shall remain in effect until the first Business Day immediately  following the date such Compliance Certificate is actually delivered to the  Purchaser. Notwithstanding the foregoing, the Applicable Margin in effect from  and after the Sixth Supplemental Indenture Effective Date through and including  the date the Compliance Certificate is delivered pursuant to Section 7(b)(1) of the  Guaranty Agreement for the first fiscal quarter ending after the Sixth  Supplemental Indenture Effective Date shall be Pricing Level III.   If, as a result of any restatement of or other adjustment to the financial  statements of Limited (as defined in the Guaranty Agreement) or for any other  reason, the Company, Limited or the Purchaser determines that (i) the Net  Leverage Ratio as of any applicable date was inaccurate and (ii) a proper  calculation of the Net Leverage Ratio would have resulted in higher pricing for  such period, the Company shall immediately and retroactively be obligated to pay  to the Purchaser, promptly on demand by the Purchaser (or, after the occurrence  

 

  4  ACTIVE 65854071v3  of an actual or deemed entry of an order for relief with respect to the Company  under the Bankruptcy Code of the United States, automatically and without  further action by the Purchaser), an amount equal to the excess of the amount of  interest and fees that should have been paid for such period over the amount of  interest and fees actually paid for such period.  This paragraph shall not limit the  rights of the Purchaser under this Indenture or any other Loan Document.  The  Company’s obligations under this paragraph shall survive the repayment of  obligations under the Loan Documents.  (d) The definition of “Applicable Rate” set forth in Section 1.1 of the Indenture is  hereby amended to read as follows:  “Applicable Rate” shall mean a rate per annum equal to (a) with respect to  the Term SOFR Loan for an Interest Period, the Term SOFR for such Interest  Period plus the Applicable Margin for the Term SOFR Loan, and (b) with respect  to the Base Rate Loan, the Base Rate plus the Applicable Margin for the Base  Rate Loan.  (e) The definition of “Base Rate” set forth in Section 1.1 of the Indenture is hereby  amended to read as follows:  “Base Rate” shall mean for any day a fluctuating rate of interest per  annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate  of interest in effect for such day as publicly announced from time to time by Bank  of America as its “prime rate,” and (c) the Term SOFR plus 1%, subject to the  interest rate floors set forth therein; provided that if the Base Rate shall be less  than zero, such rate shall be deemed zero for purposes of this Indenture.  The  “prime rate” is a rate set by Bank of America based upon various factors  including Bank of America’s costs and desired return, general economic  conditions and other factors, and is used as a reference point for pricing some  loans, which may be priced at, above, or below such announced rate.  Any change  in such prime rate announced by Bank of America shall take effect at the opening  of business on the day specified in the public announcement of such change. If the  Base Rate is being used as an alternate rate of interest pursuant to Section 14.10  hereof, then the Base Rate shall be the greater of clauses (a) and (b) above and  shall be determined without reference to clause (c) above.  (f) The definition of “Business Day” set forth in Section 1.1 of the Indenture is  hereby amended to read as follows:  “Business Day” shall mean any day other than a Saturday, Sunday or other  day on which commercial banks are authorized to close under the Laws of, or are  in fact closed in, the state where the Purchaser’s Office is located.  The Trustee  shall not be responsible for determining what constitutes a "Business Day" for  purposes of carrying out its obligations under this Indenture.  

 

  5  ACTIVE 65854071v3  (g) The definition of “Default Rate” set forth in Section 1.1 of the Indenture is hereby  amended to read as follows:  “Default Rate” shall mean an interest rate equal to (i) the Base Rate plus  (ii) the Applicable Margin, if any, applicable to a Base Rate Loan plus (iii) 2%  per annum; provided, however, that with respect to a Term SOFR Loan, the  “Default Rate” shall be an interest rate equal to the interest rate (including any  Applicable Margin) otherwise applicable to such Term SOFR Loan plus 2% per  annum.  (h) The definition of “Interest Payment Date” set forth in Section 1.1 of the Indenture  is hereby amended to read as follows:  “Interest Payment Date” shall mean (a) as to the Loan when it is not a Base Rate  Loan, the last day of each Interest Period applicable to the Loan and the Maturity Date;  provided, however, that if any Interest Period for the Loan while it is a Term SOFR Loan  exceeds three months, the respective dates that fall every three months after the beginning  of such Interest Period shall also be Interest Payment Dates; and (b) as to the Loan while  it is a Base Rate Loan, the last Business Day of each May, August, November and  February and the Maturity Date.  (i) The definition of “Interest Period” set forth in Section 1.1 of the Indenture is  hereby amended to read as follows:  “Interest Period” shall mean, as to the Loan while it is a Term SOFR Loan, the  period commencing on the date such Term SOFR Loan is disbursed or converted to or  continued as a Term SOFR Loan and ending on the date one or three months thereafter,  as selected by the Company in its Loan Notice (in the case of each requested Interest  Period, subject to availability); provided that:  (i) any Interest Period that would otherwise end on a day that is not a  Business Day shall be extended to the next succeeding Business  Day unless such Business Day falls in another calendar month, in  which case such Interest Period shall end on the next preceding  Business Day;  (ii) any Interest Period that begins on the last Business Day of a  calendar month (or on a day for which there is no numerically  corresponding day in the calendar month at the end of such Interest  Period) shall end on the last Business Day of the calendar month at  the end of such Interest Period; and  (iii) no Interest Period shall extend beyond the Maturity Date.  (j) The definition of “SOFR” set forth in Section 1.1 of the Indenture is hereby  amended to read as follows:  

 

  6  ACTIVE 65854071v3  “SOFR” means the Secured Overnight Financing Rate as administered by the  Federal Reserve Bank of New York (or a successor administrator).  (k) The definition of “Term SOFR” set forth in Section 1.1 of the Indenture is hereby  amended to read as follows:  “Term SOFR” means:  (a) for any Interest Period with respect to a Term SOFR Loan, the rate  per annum equal to the Term SOFR Screen Rate two U.S. Government Securities  Business Days prior to the commencement of such Interest Period with a term  equivalent to such Interest Period; provided that if the rate is not published prior  to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR  Screen Rate on the first U.S. Government Securities Business Day immediately  prior thereto, in each case, plus the SOFR Adjustment for such Interest Period;  and  (b) for any interest calculation with respect to a Base Rate Loan on  any date, the rate per annum equal to the Term SOFR Screen Rate with a term of  one month commencing that day;  provided that if the Term SOFR determined in accordance with either of  the foregoing provisions (a) or (b) of this definition would otherwise be less than  zero, the Term SOFR shall be deemed zero for purposes of this Indenture.   (l) The definition of “Type” set forth in Section 1.1 of the Indenture is hereby  amended to read as follows:  “Type” means, with respect to the Loan, its character as a Base Rate Loan  or a Term SOFR Loan.  (m) Section 1.5 of the Indenture is hereby amended a new subsection (e) thereto to  read as follows:  (e) The Purchaser does not warrant, nor accept responsibility, nor shall the  Purchaser have any liability with respect to the administration, submission or any other  matter related to any reference rate referred to herein or with respect to any rate  (including, for the avoidance of doubt, the selection of such rate and any related spread or  other adjustment) that is an alternative or replacement for or successor to any such rate  (including, without limitation, any Successor Rate) (or any component of any of the  foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The  Purchaser and its affiliates or other related entities may engage in transactions or other  activities that affect any reference rate referred to herein, or any alternative, successor or  replacement rate (including, without limitation, any Successor Rate) (or any component  of any of the foregoing) or any related spread or other adjustments thereto, in each case,  in a manner adverse to the Company. The Purchaser may select information sources or  services in its reasonable discretion to ascertain any reference rate referred to herein or  any alternative, successor or replacement rate (including, without limitation, any  

 

  7  ACTIVE 65854071v3  Successor Rate) (or any component of any of the foregoing), in each case pursuant to the  terms of this Indenture, and shall have no liability to the Company, or any other person or  entity for damages of any kind, including direct or indirect, special, punitive, incidental  or consequential damages, costs, losses or expenses (whether in tort, contract or  otherwise and whether at law or in equity), for any error or other action or omission  related to or affecting the selection, determination, or calculation of any rate (or  component thereof) provided by any such information source or service.  (n) Section 2.1 of the Indenture is hereby amended by deleting it in its entirety and  replacing such section with the following:  Section 2.1 Authorization of Bonds.  (a) No Bonds may be issued  under the provisions of this Indenture except in accordance with this Article and  shall be limited to the maximum principal amount of $38,000,000.  The proceeds  of the Bonds shall be advanced from time to time by the Purchaser upon receipt  by the Purchaser (with a copy to the Trustee) of a Notice of Borrowing; provided,  however, no advances shall be made by the Purchaser after March 20, 2014. The  Trustee shall make a notation on the grid attached to the Note of the date and  amount of each such advance and each payment of principal and interest on the  Bonds.  The Purchaser has agreed in the Bond Purchase Agreement to make a  similar notation on the grid attached to the Bond.  To the extent of any  inconsistency between the grid attached to the Note and the grid attached to the  Bond, the grid attached to the Bond shall prevail. The principal amount  outstanding under this Indenture shall be determined by records maintained by the  Trustee and the Purchaser.  To the extent of any inconsistency between the  records maintained by the Trustee and the records maintained by the Purchaser,  the records maintained by the Purchaser shall prevail.  Each Notice of Borrowing  submitted by the Company to the Purchaser requesting an advance of the proceeds  of the Loan under the Loan Agreement, or the conversion of a Loan from one  Type to the other (as described below in Section 2.1(b)), shall be deemed a  request hereunder for funding or conversion of a corresponding and equal amount  under the Bonds.  Each advance of a Loan was initially made as a Base Rate Loan  or a Eurodollar Rate Loan (as defined in this Indenture prior to giving effect to the  Sixth Supplement Indenture), and may be converted from one Type to another  from time to time, at the request of the Company, as further provided herein.  (b) (i) Each conversion of a portion of the Loan from one Type to the  other, and each continuation of a Term SOFR Loan shall be made upon the  Company’s irrevocable notice to the Purchaser, which may be given by telephone.   Each such notice must be received by the Purchaser not later than 11:00 a.m. three  Business Days prior to the requested date of any conversion to or continuation of  a Term SOFR Loan or of any conversion of a Term SOFR Loan to a Base Rate  Loan.  Each telephonic notice by the Company pursuant to this Section 2.1(b)  must be confirmed promptly by delivery to the Purchaser of a written Notice of  Borrowing, appropriately completed and signed by an Authorized Company  Representative. Each conversion to or continuation of a Term SOFR Loan shall  be in a principal amount of $1,000,000 or any whole dollar amount in excess  

 

  8  ACTIVE 65854071v3  thereof. Each Loan of or conversion to a Base Rate Loan shall be in a principal  amount of $500,000 or any whole dollar amount in excess thereof. Each Notice of  Borrowing (whether telephonic or written) shall specify (1) whether the Company  is requesting a conversion of the Loan from one Type to the other or a  continuation of a Term SOFR Loan, (2) the requested date of the conversion or  continuation, as the case may be (which shall be a Business Day), (3) the principal  amount of the Loan to be converted or continued, and (4) if applicable, the  duration of the Interest Period with respect thereto. If the Company fails to  specify a Type of Loan in a Notice of Borrowing or if the Company fails to give a  timely notice requesting a conversion or continuation, then the Loan shall be  converted to a Base Rate Loan. Any such automatic conversion to a Base Rate  Loan shall be effective as of the last day of the Interest Period then in effect with  respect to the Term SOFR Loan. If the Company requests a conversion to or  continuation of a Term SOFR Loan in any such Notice of Borrowing, but fails to  specify an Interest Period, the Company will be deemed to have specified an  Interest Period of one month.  (ii) Except as otherwise provided herein, a Term SOFR Loan may be  continued or converted only on the last day of an Interest Period for the Term  SOFR Loan.  During the existence of an Event of Default, the Loan may not be  converted to or continued as a Term SOFR Loan without the consent of the  Purchaser.  (iii) The Purchaser shall promptly notify the Company of the interest  rate applicable to any Interest Period for a Term SOFR Loan upon determination  of such interest rate.  At any time that a Base Rate Loan is outstanding, the  Purchaser shall notify the Company of any change in Bank of America’s prime  rate used in determining the Base Rate promptly following the public  announcement of such change.  (iv) After giving effect to all conversions of the Loan from one Type to  the other, and all continuations of the Loan as the same Type, there shall not be  more than five Interest Periods in effect with respect to the Loan.   Notwithstanding anything herein to the contrary, the Purchaser  shall be responsible for maintaining records of each conversion, the applicable  Types and amounts of each portion of the Loan and interest payable with respect  to the Loan as of each Payment Date.  The Purchaser shall notify the Trustee of  each such calculation and the Trustee shall conclusively rely upon such  notifications.  The Trustee shall not be responsible for the calculation the  Applicable Rates or amounts of interest payable on any Payment Date.  (c) Each determination of an interest rate by the Purchaser pursuant to  any provision of this Indenture shall be conclusive and binding on the Issuer and  the Company in absence of manifest error.  

 

  9  ACTIVE 65854071v3  (d)  As of the Sixth Supplement Indenture Effective Date, all  outstanding advances of the Loan bear interest at the Eurodollar Rate (as defined  in this Indenture prior to giving effect to the Sixth Supplement Indenture, the  “Existing Eurodollar Rate Loan”). Prior to being repaid or prepaid, the Existing  Eurodollar Rate Loan shall bear interest, and interest shall be payable by the  Company, in accordance with this Indenture prior to giving effect to the Sixth  Supplemental Indenture. The foregoing shall be applicable solely to the Existing  Eurodollar Rate Loan, and shall cease to apply or have any further force and  effect if no Existing Eurodollar Rate Loan is outstanding. Notwithstanding  anything to the contrary herein, from and after the Sixth Supplemental Indenture  Effective Date, the Eurodollar Rate Loan (as defined in this Indenture prior to  giving effect to the Sixth Supplemental Indenture) will not be continued under  this Indenture and the Existing Eurodollar Rate Loan will be converted to a Term  SOFR Loan with an Interest Period of one month at the end of the applicable  Interest Period.  (o) Section 2.2(b)(iii) of the Indenture is hereby amended by deleting it in its entirety  and replacing such section with the following:  (iii) Subject to the provisions of subsection (iv) below, (A) a Term  SOFR Loan shall bear interest on the outstanding principal amount thereof for  each Interest Period at a rate per annum equal to the lesser of (y) the Highest  Lawful Rate and (z) the Term SOFR for such Interest Period plus the Applicable  Margin; and (B) a Base Rate Loan shall bear interest on the outstanding principal  amount thereof from the applicable borrowing date at a rate per annum equal to  the lesser of (y) the Highest Lawful Rate and (z) the Base Rate plus the  Applicable Margin.  (p) Section 2.2(d) of the Indenture is hereby amended by deleting it in its entirety and  replacing such section with the following:  (d) Inability to Determine Rates.  If in connection with any request for a  conversion to or a continuation of a Term SOFR Loan, (i) the Purchaser determines  (which determination shall be conclusive absent manifest error) that (A) no Successor  Rate has been determined in accordance with Section 14.10, and the circumstances under  clause (a) of Section 14.10 or the Scheduled Unavailability Date has occurred, or (B)  adequate and reasonable means do not otherwise exist for determining Term SOFR for  any requested Interest Period with respect to a proposed Term SOFR Loan or in  connection with an existing or proposed Base Rate Loan, or (ii) the Purchaser determines  that for any reason that Term SOFR for any requested Interest Period with respect to a  proposed Loan does not adequately and fairly reflect the cost to Purchaser of funding  such Loan, the Purchaser will promptly so notify the Company and the Trustee.   Thereafter, (x) the obligation of the Purchaser to convert to or maintain a Term SOFR  Loan shall be suspended (to the extent of the affected Term SOFR Loan or Interest  Periods), and (y) in the event of a determination described in the preceding sentence with  respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR  component in determining the Base Rate shall be suspended, in each case until the  

 

  10  ACTIVE 65854071v3  Purchaser revokes such notice.  Upon receipt of such notice, (i) the Company may revoke  any pending request for a conversion to, or continuation of a Term SOFR Loan (to the  extent of the affected Term SOFR Loan or Interest Periods) or, failing that, will be  deemed to have converted such request into a request for a conversion of the Loan to a  Base Rate Loan in the amount specified therein and (ii) any outstanding Term SOFR  Loan shall be deemed to have been converted to Base Rate Loan immediately at the end  of its applicable Interest Period.  (q) Section 8.2 of the Indenture is hereby amended by replacing each reference to  “Eurodollar Rate” contained therein with “Term SOFR”.  (r) Section 9.3(a)(i)(3) of the Indenture is hereby amended by deleting the phrase “or  the London interbank market” from such section.  (s) Section 14.10 of the Indenture is hereby amended by deleting it in its entirety and  replacing such section with the following:   Section 14.10 Replacement of Term SOFR or Successor Rate.   Notwithstanding anything to the contrary in this Indenture, if the Purchaser  determines (which determination shall be conclusive and binding upon all parties  hereto absent manifest error), or the Company notifies the Purchaser that the  Company has determined (which determination likewise shall be conclusive and  binding upon all parties hereto absent manifest error), that:  (a) adequate and reasonable means do not exist for ascertaining one  month and three month interest periods of Term SOFR, including, without  limitation, because the Term SOFR Screen Rate is not available or published on a  current basis and such circumstances are unlikely to be temporary; or  (b) CME or any successor administrator of the Term SOFR Screen  Rate or a Governmental Authority having jurisdiction over the Purchaser or such  administrator with respect to its publication of Term SOFR, in each case acting in  such capacity, has made a public statement identifying a specific date after which  one month and three month interest periods of Term SOFR or the Term SOFR  Screen Rate shall or will no longer be made available, or permitted to be used for  determining the interest rate of U.S. dollar denominated loans, or shall or will  otherwise cease, provided that, at the time of such statement, there is no successor  administrator that is satisfactory to the Purchaser, that will continue to provide  such  interest periods of Term SOFR after such specific date (the latest date on  which one month and three month interest periods of Term SOFR or the Term  SOFR Screen Rate are no longer available permanently or indefinitely, the  “Scheduled Unavailability Date”);  then, on a date and time determined by the Purchaser (any such date, the  “Term SOFR Replacement Date”), which date shall be at the end of an Interest  Period or on the relevant interest payment date, as applicable, for interest  calculated and, solely with respect to clause (b) above, no later than the Scheduled  

 

  11  ACTIVE 65854071v3  Unavailability Date, the Trustee, the Issuer, the Company and the Purchaser may  supplement this Indenture solely for the purpose of replacing Term SOFR  hereunder with Daily Simple SOFR plus the SOFR Adjustment for any payment  period for interest calculated that can be determined by the Purchaser, in each  case, and any such supplement shall be effective at 5:00 p.m. on the fifth Business  Day after the Purchaser shall have posted such proposed supplement to the  Company (the “Successor Rate”).  If the Successor Rate is Daily Simple SOFR  plus the SOFR Adjustment, all interest payments will be payable on a quarterly  basis.   (c) Notwithstanding anything to the contrary herein, (i) if the  Purchaser determines that Daily Simple SOFR is not available on or prior to the  Term SOFR Replacement Date, or (ii) if the events or circumstances of the type  described in Section 2.2(d)(i) or (ii) have occurred with respect to the Successor  Rate then in effect, then in each case, the Trustee, the Issuer, the Purchaser and  the Company may supplement this Indenture solely for the purpose of replacing  Term SOFR or any then current Successor Rate in accordance with this Section  14.10 at the end of any Interest Period, relevant interest payment date or payment  period for interest calculated, as applicable, with an alternative benchmark rate  giving due consideration to any evolving or then existing convention for similar  U.S. dollar denominated loans in the United States for such alternative benchmark  and, in each case, including any mathematical or other adjustments to such  benchmark giving due consideration to any evolving or then existing convention  for similar U.S. dollar denominated loans in the United States for such  benchmark, which adjustment or method for calculating such adjustment shall be  published on an information service as selected by the Purchaser from time to  time in its reasonable discretion and may be periodically updated.  For the  avoidance of doubt, any such proposed rate and adjustments, shall constitute a  “Successor Rate”.  Any such supplement shall become effective at 5:00 p.m. on  the fifth Business Day after the Purchaser shall have posted such proposed  supplement to the Company. Any Successor Rate shall be applied in a manner  consistent with market practice; provided that to the extent such market practice is  not administratively feasible for the Purchaser, such Successor Rate shall be  applied in a manner as otherwise reasonably determined by the Purchaser.  (d) Notwithstanding anything else herein, if at any time any Successor  Rate as so determined would otherwise be less than zero%, the Successor Rate  will be deemed to be zero% for the purposes of this Indenture.  (e) In connection with the implementation of a Successor Rate, the  Purchaser will have the right to make Conforming Changes from time to time and,  notwithstanding anything to the contrary herein, any supplements implementing  such Conforming Changes will become effective without any further action or  consent of any other party to this Indenture; provided that, with respect to any  such supplement effected, the Purchaser shall post each such supplement  implementing such Conforming Changes to the Company reasonably promptly  after such supplement becomes effective.  

 

  12  ACTIVE 65854071v3  Section 3. Ratification.  Except as expressly amended hereby, all of the provisions of  the Indenture shall remain unaltered and in full force and effect, and, as amended hereby, the  Indenture is in all respects agreed to, ratified and confirmed by the Issuer and the Trustee.  Any  holder of the Bonds, and all successive transferees of the Bonds, by accepting such Bond, are  deemed to have agreed to the terms of this Supplemental Indenture.  Section 4. Severability.  In the event any provision of this Supplemental Indenture  shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall  not invalidate or render unenforceable any other provision hereof.  Section 5. Execution in Counterparts.  This Supplemental Indenture may be executed  in several counterparts, each of which shall be an original and all of which shall constitute but  one and the same instrument.  Section 6.   Applicable Law.  This Supplemental Indenture shall be governed by and  construed in accordance with the laws of the State of Mississippi.    [Signature Pages Follow] 

 

  Signature Page to Sixth Supplemental Trust Indenture  ACTIVE 65854071v3  IN WITNESS WHEREOF, the Mississippi Business Finance Corporation has caused  these presents to be signed in its name and behalf and its official seal to be hereunto affixed and  attested by its duly authorized officers, and U.S. Bank Trust Company National Association  (successor to Deutsche Bank National Trust Company), as Trustee, has caused these presents to  be signed in its name and behalf by its duly authorized officer, all as of the day and year first  above written.  MISSISSIPPI BUSINESS FINANCE  [SEAL]     CORPORATION              By:   /s/ Larry W. Mobley            Name:  Larry W. Mobley  Title:    Executive Director    Attest:    Secretary    /s/ Debbie McCollum      Name:  Debbie McCollum          U.S. BANK TRUST COMPANY   NATIONAL ASSOCIATION        (successor to Deutsche Bank National        Trust Company), as Trustee              By:   /s/ Duke L. Wallace Jr   Name:  Duke L. Wallace Jr.  Title:    Vice President              

 

  Signature Page to Sixth Supplemental Trust Indenture  ACTIVE 65854071v3  Consented to:            COMPANY:           KAZ USA, INC.              By: /s/ Matt Osberg           Name:  Matt Osberg  Title: Chief Financial Officer              BONDHOLDER:          BANK OF AMERICA, N.A.              By: /s/ Adam Rose            Name: Adam Rose         Title:   Senior Vice PresidentApril 26, 2021

 

 

Attention: Mr G Vizirgianakis

 

Letter of Offer

We the above-mentioned company Medinotec Incorporated,
would like to make the following offer as discussed.

 

1. Basic Remuneration Package of $0 per
year.

The package and the term of
service will be subject to change upon review by the remuneration committee once a bench marking report have been created and the committee
will then award a market related balanced remuneration package. A formal contract will be issued at this stage.

 

Please note this letter of offer is only valid for 72 hours.

 

 

Date of commencement April 26, 2021

 

The duties and responsibility
of the position would be as that of Chief Executive Officer on the Board of Medinotec Inc.

 

We trust the offer meets with your expectations and
would like to welcome you to the Medinotec Group.

 

Yours Sincerely

 

 

 

 

/s/ Pieter Mohr van Niekerk

Pieter Mohr van Niekerk (CFO)

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