Document:

Exhibit

           EXHIBIT 4.4
AMENDMENT NO. 1
AMENDMENT NO. 1 TO THE AGREEMENT FOR LETTER OF CREDIT, dated as of July 26, 2018 (this “Amendment”), between THE SHERWIN-WILLIAMS COMPANY, an Ohio corporation (the “Applicant”), and Citibank, N.A. (“Citibank”).  Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Reimbursement Agreement referred to below.

PRELIMINARY STATEMENTS:
(1) The Applicant and Citibank are parties to that certain Agreement for Letter of Credit, dated as of May 9, 2016 (the “Reimbursement Agreement”).

(2) The Applicant and Citibank have agreed, on the terms and conditions set forth herein, to amend the Reimbursement Agreement as specified herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Amendments to Reimbursement Agreement.  Upon, and subject to, the satisfaction or waiver in accordance with Section 19 of the Reimbursement Agreement of the conditions precedent set forth in Section 2 below, the Reimbursement Agreement is hereby amended as follows:

(a)Section 13(e)(ii) of the Reimbursement Agreement is hereby amended and restated in its entirety as follows:

"(b)     in addition to Permitted Liens, other Liens securing obligations in an amount not greater than 20% of Consolidated Net Tangible Assets at any time."
(b)The following definition in Section 26 of the Reimbursement Agreement is hereby amended and restated in its entirety as follows:

“Material Adverse Effect” means an event or circumstance that constitutes a material adverse effect on (a) the business, operations or financial condition of the Applicant and the Subsidiaries taken as a whole, (b) the ability of the Applicant to perform any of its material obligations under this Agreement or (c) the legality, validity, binding effect or enforceability against the Applicant of this Agreement; provided, however that any event or circumstance related to any public nuisance claim in the State of California so long as the aggregate amounts in respect of any judgment, settlement or other payment pursuant to an agreement related thereto do not exceed $1,150,000,000 shall not constitute a "Material Adverse Effect" hereunder."
SECTION 2.Conditions of Effectiveness.  Section 1 of this Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which:

(a) Citibank shall have received a counterpart signature page of this Amendment duly executed by the Applicant or written evidence reasonably satisfactory to Citibank that such party has executed this Amendment; and

(b)the representations and warranties set forth in Section 4 of this Amendment shall be true and correct in all respects.

SECTION 3.Effect of this Amendment, Etc.

(a)Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of Citibank under the Reimbursement Agreement, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

(b)Nothing herein shall be deemed to entitle the Applicant to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement in similar or different circumstances.

(c)After the Amendment No. 1 Effective Date, each reference in the Reimbursement Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Reimbursement Agreement, shall mean and be a reference to the Reimbursement Agreement, as modified hereby.  

SECTION 4.Representations and Warranties. The Applicant represents and warrants to Citibank that, on and as of the date hereof and on and as of the Amendment No. 1 Effective Date:

(a)(i) The execution, delivery and performance by the Applicant of this Amendment and the transactions contemplated hereby have been duly authorized by all necessary corporate action, and (ii) this Amendment has been duly executed and delivered by the Applicant and constitutes a legal, valid and binding obligation of the Applicant, enforceable against the Applicant in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors’ rights generally and subject to general principals of equity, regardless of whether considered in a proceeding in equity or at law.

(b)The representations and warranties of the Applicant contained in the Reimbursement Agreement are true and correct in all material respects; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date.

(c)Both before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 5.Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery by .pdf or other form of electronic communication of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

               SECTION 6.           Governing Law.  This Amendment shall be governed by, and construed in accordance with, the
laws of the State of New York.

                     SECTION 7.           WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

                 SECTION 8. Jurisdiction; Consent to Service of Process.

(a)The Applicant hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Amendment or the transactions contemplated hereby.  

(b)The Applicant irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

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                       IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
THE SHERWIN-WILLIAMS COMPANY

By:    /s/ Jeffrey J. Miklich            
  Name: Jeffrey J. Miklich
  Title:    Vice President and Treasurer

            CITIBANK, N.A.

       By:   /s/ John Chun                
               Name: John Chun
               Title:    Vice PresidentExhibit

EXHIBIT 4.6

FIRST AMENDMENT TO CONTINUING AGREEMENT

dated as of September 6, 2018

Goldman Sachs Bank USA
200 West Street
New York, New York 10282
Attention: Iva Vukina    

Ladies and Gentlemen:

Reference is made to the Continuing Agreement for Standby Letters of Credit dated as of September 11, 2017 (the “Continuing Agreement”) among The Sherwin-Williams Company, an Ohio corporation, as the Company, and Goldman Sachs Bank USA (“Goldman”).  Capitalized terms used herein and not otherwise defined herein have the meanings given such terms in the Continuing Agreement.

The Company hereby requests that the Continuing Agreement be amended as provided below.

Section 1.  First Amendment to Continuing Agreement.  The parties agree that, subject to the satisfaction of the conditions precedent to effectiveness set forth in Section 2 below and on and as of the Continuing Agreement First Amendment Effective Date (as defined below), the Continuing Agreement is hereby amended as follows:

(i)The second paragraph of the Preamble of the Continuing Agreement is hereby amended by replacing the words “not to exceed at any time the available amount of the Security Letter of Credit, in accordance with the terms and conditions hereof.” with the words: 

“not to exceed at any time (i) the amount then available under the Security Letter of Credit or (ii) the amount scheduled to be available from time to time under the Security Letter of Credit, giving effect to any scheduled reductions in the amount of the Security Letter of Credit that are scheduled to take effect while any one or more of such Credits are outstanding, substantially in accordance with the terms and conditions hereof.”
(ii)Clause (a) of Section 1 of the Continuing Agreement is hereby amended and restated in its entirety to read as follows:

“(a) the delivery to Goldman of the Security Letter of Credit, which shall on the date of any LC Event (i) have an available amount not less than the sum of (A) the aggregate amount of the Credits outstanding on such date, plus (B) the aggregate amount of Drafts, if any, not reimbursed by or on behalf of the Applicant on such date, plus (C) the amount of any Credit that (or of any increase in the available amount of any Credit) that the Applicant has requested Goldman to issue on such date (the sum of clauses (A), (B) and (C) being the “Exposure Amount”), and (ii) be scheduled, in accordance with its terms and conditions and giving effect to any scheduled reductions in the amount of the Security Letter of Credit that are scheduled to take effect from time to time during the term of such Credit, to at all times have an available amount during the term of such Credit not less than the sum of (x) the aggregate amount of the Credits scheduled, in accordance with their respective terms and conditions, to be outstanding during such term both before and after giving effect to such LC Event plus (y) the amount referred to in the foregoing clause (B);”
(iii)The defined term “Business Day” set forth in Section 26 of the Continuing Agreement is hereby amended by replacing the words “Irving, Texas” with the words “Dallas, Texas”.

(iv)The first sentence of Section 19 of the Continuing Agreement is hereby amended and restated in its entirety to read as follows:

“Notices shall be effective, if to Applicant, when sent to its address indicated below the signature line and, if to Goldman, when received at Goldman Sachs Bank USA, 200 West Street, New York, New York 10282, Attention: Iva Vukina or as to either, such other address as either may notify the other in writing.”
(v)Goldman’s address for payment under Section 4 of the Continuing Agreement is hereby amended and restated in its entirety to read:  “Two Penns Way, Suite 110, New Castle, Delaware 19720”; and

(vi)Goldman’s address wherever else it may appear in the Continuing Agreement as amended is hereby amended and restated in its entirety to read: “2001 Ross Avenue, 29th Floor Dallas, TX 75201”.

Section 2.  Conditions to Effectiveness.  Section 1 of this First Amendment to Continuing Agreement (this “First Amendment to Continuing Agreement”) shall be effective as of September 6, 2018 (the “Continuing Agreement First Amendment Effective Date”) when and if Goldman and the Company shall each have received executed counterparts of this First Amendment to Continuing Agreement.

Goldman shall provide the Company prompt written notice of the occurrence of the Continuing Agreement First Amendment Effective Date.  

Section 3.  Representations and Warranties.  The Company represents and warrants that (i) the representations and warranties set forth in Section 14 of the Continuing Agreement, as amended hereby (referring to Article III of the Credit Agreement, with each reference to “this Agreement”, “hereunder”, “hereof” and words of like import in the Credit Agreement being deemed to be a reference to this First Amendment to Continuing Agreement and the Continuing Agreement, as amended hereby), are true and correct in all material respects on and as of the date hereof as though made on and as of such date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date), and (ii) no event has occurred and is continuing, or would result from the execution and delivery of this First Amendment to Continuing Agreement, that constitutes a Default.

Section 4.  Effect on the Continuing Agreement.  The execution, delivery and effectiveness of this First Amendment to Continuing Agreement shall not operate as a waiver of any right, power or remedy of Goldman under the Continuing Agreement, or constitute a waiver of any provision of the Continuing Agreement.  Except as expressly amended in this First Amendment to Continuing Agreement, the Continuing Agreement is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. This First Amendment to Continuing Agreement shall be binding on the parties hereto and their respective successors and permitted assigns under the Continuing Agreement.  

Section 5.  Costs, Expenses and Taxes.  The Company agrees to pay promptly all of Goldman’s reasonable out-of-pocket costs and expenses in connection with the preparation, execution and delivery of this First Amendment to Continuing Agreement and any other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of Goldman’s counsel with respect thereto.  

Section 6.  Miscellaneous.  This First Amendment to Continuing Agreement shall be subject to the provisions of Sections 19, 23, 24, 25, and 27 of the Continuing Agreement, each of which is incorporated by reference herein, mutatis mutandis. 

If you consent and agree to the foregoing, please evidence such consent and agreement by (i) executing and returning a counterpart to this First Amendment to Continuing Agreement by facsimile or e-mail to Annie Sinofsky (fax no. 212-377-6077 / e-mail: fsinofsky@mosessinger.com) and (ii) promptly thereafter executing and returning four (4) original counterparts to this First Amendment to Continuing Agreement by overnight mail to Moses & Singer LLP, 405 Lexington Avenue, New York, NY, 10174, Attention: Annie Sinofsky. 

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Very truly yours,

THE SHERWIN-WILLIAMS COMPANY,
as Company

By:       /s/ Jeffrey J. Miklich            
                                                                               Name: Jeffrey J. Miklich
                                                                            Title: Vice President and Treasurer

Consented and Agreed to:

GOLDMAN SACHS BANK USA,

By:      /s/ David C. Bear        
Name: David C. Bear
Title:  Authorized Signatory

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