Document:

Exhibit 10.3

 

LEASE

 

BY AND BETWEEN

 

SBS USA REALTY, LLC

 

AND

 

STR SOLAR (CONNECTICUT), LLC

 

Dated as of October         , 2014

 

 

TABLE OF CONTENTS

 

	
1.
    	
Demise - Premises - Term
    	
1
    
	
 
    	
 
    	
 
    
	
2.
    	
Rent
    	
1
    
	
 
    	
 
    	
 
    
	
3.
    	
Intentionally Omitted
    	
2
    
	
 
    	
 
    	
 
    
	
4.
    	
Use
    	
2
    
	
 
    	
 
    	
 
    
	
5.
    	
Signs
    	
2
    
	
 
    	
 
    	
 
    
	
6.
    	
Quiet Enjoyment
    	
2
    
	
 
    	
 
    	
 
    
	
7.
    	
Assignments and Subleases
    	
3
    
	
 
    	
 
    	
 
    
	
8.
    	
No Nuisance; Compliance with Laws and Requirements of   Public Authorities
    	
3
    
	
 
    	
 
    	
 
    
	
9.
    	
Insurance
    	
3
    
	
 
    	
 
    	
 
    
	
10.
    	
Alterations and Improvements
    	
4
    
	
 
    	
 
    	
 
    
	
11.
    	
Tenant’s Property
    	
5
    
	
 
    	
 
    	
 
    
	
12.
    	
Tenant’s Repairs
    	
5
    
	
 
    	
 
    	
 
    
	
13.
    	
Landlord’s Repairs, Maintenance
    	
6
    
	
 
    	
 
    	
 
    
	
14.
    	
Utilities and Services
    	
6
    
	
 
    	
 
    	
 
    
	
15.
    	
Access to Demised Premises; Use of Loading Docks
    	
6
    
	
 
    	
 
    	
 
    
	
16.
    	
Damage or Destruction
    	
7
    
	
 
    	
 
    	
 
    
	
17.
    	
Condemnation
    	
8
    
	
 
    	
 
    	
 
    
	
18.
    	
Surrender
    	
8
    
	
 
    	
 
    	
 
    
	
19.
    	
Default and Damages
    	
8
    
	
 
    	
 
    	
 
    
	
20.
    	
Parking
    	
10
    
	
 
    	
 
    	
 
    
	
21.
    	
Unperformed Covenants
    	
10
    
	
 
    	
 
    	
 
    
	
22.
    	
Holding Over
    	
10
    
	
 
    	
 
    	
 
    
	
23.
    	
Certain Rights Reserved by the Landlord
    	
10
    

 

 

	
24.
    	
Notices
    	
11
    
	
 
    	
 
    	
 
    
	
25.
    	
Estoppel Certificate
    	
12
    
	
 
    	
 
    	
 
    
	
26.
    	
Rights of Landlord; Non-Waiver
    	
12
    
	
 
    	
 
    	
 
    
	
27.
    	
No Recording
    	
13
    
	
 
    	
 
    	
 
    
	
28.
    	
Limitation on Landlord’s Liability
    	
13
    
	
 
    	
 
    	
 
    
	
29.
    	
Prior Agreements
    	
13
    
	
 
    	
 
    	
 
    
	
30.
    	
Captions; Sections; Gender
    	
13
    
	
 
    	
 
    	
 
    
	
31.
    	
Benefit and Burden
    	
13
    
	
 
    	
 
    	
 
    
	
32.
    	
Applicable Law
    	
13
    
	
 
    	
 
    	
 
    
	
33.
    	
Landlord’s Construction
    	
14
    
	
 
    	
 
    	
 
    
	
34.
    	
Prejudgment Remedy Waiver
    	
14
    
	
 
    	
 
    	
 
    
	
35.
    	
Security
    	
14
    

 

EXHIBITS

 

Exhibit A - Floor Plan

Exhibit B - Description of the Land

 

 

LEASE

 

THIS LEASE made as of the          day of October, 2014, by and between SBS USA REALTY, LLC, a Delaware limited liability company having an office at c/o Updike, Kelly & Spellacy P.C., 100 Pearl Street, Hartford, Connecticut 06123, Attention: John F. Wolter, Esquire (the “Landlord”), and STR SOLAR (CONNECTICUT), LLC, a Delaware limited liability company having an office at 18 Craftsman Road, East Windsor, Connecticut 06088 (the “Tenant”).

 

1.             Demise - Premises - Term.  The Landlord hereby demises and leases to the Tenant, and the Tenant hereby takes and hires from the Landlord, for the term hereinafter stated, for the rent hereinafter reserved, and upon and subject to the covenants, agreements, terms, conditions, limitations, exceptions and reservations of this lease, Fifty Seven Thousand Nine Hundred Fourteen (57,914) square feet of the Building (as herein defined) shown shaded on the floor plan attached hereto as Exhibit A (the “Demised Premises”).  The Tenant acknowledges and agrees that subject to the Landlord’s responsibilities set forth in Sections 6, 13 and 14 hereof, the Tenant shall accept the Demised Premises in the condition it is in on the Commencement Date and that the Landlord shall have no obligation to make any improvements to the Demised Premises for the Tenant to accept and occupy the Demised Premises hereunder.

 

(a)           The term “Building” as used in this lease shall mean the building located on a parcel of land known as 18 Craftsman Road, East Windsor, Connecticut 06088, which parcel of land is more particularly described on Exhibit B attached hereto and is hereinafter referred to as the “Land”.

 

(b)           The term of this lease and the estate hereby granted (collectively the “term of this lease”) shall commence on the date hereof (the “Commencement Date”) and shall end on December 15, 2014, which ending date, unless the context otherwise requires, is hereinafter called the “Expiration Date”, or shall end on such earlier date upon which the term of this lease may expire or be terminated pursuant to any of the provisions of this lease or pursuant to law.

 

2.             Rent.

 

(a)           The rent reserved under this lease (the “Rent”) for the term hereof shall commence to accrue on the Commencement Date and shall be and consist of:

 

(i)            A monthly fixed rent of Forty Three Thousand Four Hundred Thirty Five and 50/100 Dollars ($43,435.50) (based upon an annual rental of $9.00 per square foot) (which amount shall be prorated for any partial month during the term hereof); plus

 

(ii)           the cost of utilities utilized at the Building in excess of Ten Thousand Dollars ($10,000.00) per month (or a prorated portion thereof) during the term of this lease (such amount to be paid by Tenant to Landlord within fifteen (15) days after receipt by the Tenant of a bill from the Landlord with

 

 

reasonable detail showing the cost of utilities for the applicable period and the Tenant’s share thereof; plus

 

(iii)          such other sums of money as shall become due and payable by the Tenant to the Landlord as provided in this lease, such other sums of money to be deemed to be additional rental whether or not such sums of money are designated as such hereunder.

 

(b)           The Rent shall be paid to the Landlord at its address specified in Section 26, or at such other place as the Landlord may from time to time designate, in lawful money of the United States of America, as and when the same shall become due and payable and without abatement or offset and without notice or demand therefor.

 

(c)           Except as provided in the next sentence, the monthly fixed rent for the term of this lease shall be payable in full on the date hereof.  If the Commencement Date is other than the first day of a calendar month, the first installment of the fixed rent shall be a pro rata installment of fixed rent for the period from the Commencement Date to the last day of the month in which the Commencement Date occurs based upon the fixed rent payable during the term hereof and shall be paid on the Commencement Date.

 

(d)           The additional rent shall be payable as hereinafter provided.

 

3.             Intentionally Omitted.

 

4.             Use.  The Tenant shall have the right to occupy and use the Demised Premises for general and other office purposes, as laboratory space, and for the storage of inventory of the Tenant existing at the Demised Premises as of the Commencement Date, and the Tenant shall not use or permit the use of the Demised Premises for any other purpose.

 

5.             Signs.  The Tenant shall also have the right to place its name on or adjacent to any doors leading to the Demised Premises, provided that if the Tenant changes its existing signs, the Tenant shall have obtained the Landlord’s prior approval as to location, size, color and style, which approval shall not be unreasonably withheld.  No signs exhibiting the Tenant’s name or logo shall be placed on the exterior of the Building.

 

6.             Quiet Enjoyment.  The Landlord covenants and agrees that so long as the Tenant pays the Rent and performs the remainder of the Tenant’s obligations under this lease, the Tenant shall peaceably and quietly have, hold and enjoy the Demised Premises without interference by any person claiming by, through or under the Landlord.

 

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7.             Assignments and Subleases.

 

(a)           Tenant agrees not to assign or in any way encumber this lease, nor to sublet the Demised Premises, or any part thereof, nor to permit the Demised Premises, or any part thereof, to be used by others.

 

8.             No Nuisance; Compliance with Laws and Requirements of Public Authorities.  The Tenant agrees (a) not to create or permit any nuisance in or about the Demised Premises, the Building or the Land, (b) to comply with and conform to (i) all of the laws and regulations of the State of Connecticut, and (ii) the by-laws, ordinances, rules and regulations of the Town of East Windsor so far as the Tenant’s use of the Demised Premises may be concerned, and (c) to save the Landlord harmless from all damages, fines, penalties and costs for violation of or non-compliance by the Tenant or the Tenant’s servants, employees, agents, customers, invitees, licensees, or visitors with the provisions of this Section 8.

 

9.             Insurance.

 

(a)           At all times during the term of this lease, the Landlord shall insure the Building against loss or damage by fire, and such other casualties as may be included within the extended coverage clauses of policies which are then standard for use in the State of Connecticut, in such amount as the Landlord in its sole judgment shall deem appropriate.

 

(b)           At all times during the term of this lease, the Tenant shall keep in full force and effect a policy of public liability and property damage insurance with respect to the Demised Premises, the Building and the Land in which the limits initially shall be not less than One Million Dollars ($l,000,000.00) for each person and Two Million Dollars ($2,000,000.00) for each accident, and in which the limit for property damage shall be not less than One Hundred Fifty Thousand Dollars ($150,000.00).

 

(c)           All insurance provided by the Tenant pursuant to this Section 9 shall be effected under valid and enforceable policies in form and substance then standard in the State of Connecticut, issued by insurers of recognized responsibility licensed to do business in the State of Connecticut and satisfactory to the Landlord in its reasonable judgment.  Upon the Commencement Date, and thereafter not less than ten (10) days prior to the expiration dates of expiring policies provided by the Tenant pursuant to this Section 9, the Tenant shall deliver to the Landlord copies of policies or certificates with respect to the insurance being maintained by the Tenant pursuant to the terms of this lease.  All such policies or certificates shall contain an agreement by the insurers that such policies will not be canceled without at least ten (10) days prior written notice to the Landlord, and that the Landlord’s rights and interests under such policies shall not be subject to cancellation by reason of any act or omission of the Tenant.  All insurance policies provided by the Tenant pursuant to this Section 9 shall name the Landlord and the Landlord’s mortgage lenders of which the Tenant is notified in writing as additional insureds as their interests may appear.

 

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(d)           The Tenant shall indemnify and hold the Landlord harmless against and from any liability or expense, including, without limitation, reasonable attorney’s fees, on account of (i) any accident or injury to the Tenant, the Tenant’s servants, employees, agents, customers, invitees, licensees, or visitors who may be injured or suffer an accident in the Demised Premises unless the same is caused by the gross negligence or willful act of the Landlord, or the gross negligence or willful act of Landlord’s servants, agents or employees, and (ii) the Tenant’s activities in or use of the Demised Premises or elsewhere on the Land or in the Building.

 

10.          Alterations and Improvements.  

 

(a)           The Tenant shall not make or have made alterations, improvements, decorations, installations and substitutions (collectively called “Tenant’s Improvements”) in, of or to the Demised Premises without the prior written consent of the Landlord in each instance; provided, however, that, except as to structural alterations, improvements or additions, such consent shall not be unreasonably withheld.  Unless otherwise specified in the consent referred to in this Section 10, any improvements or alterations in the Demised Premises made by the Tenant (including, without limitation, permanent partitions, wall paneling and lighting fixtures, but excepting the Tenant’s Property (as defined in Section 11) shall be and remain the property of the Landlord and, except as provided in Section 18, shall remain upon and be surrendered with the Demised Premises at the termination of the term of this lease.  The work necessary to make any such Tenant alterations, improvements or additions to the Demised Premises shall be done at the Tenant’s expense.  The Tenant shall promptly pay to the Tenant’s contractors when due, the cost of all such work and of all repairs to the Building required by reason thereof.  Upon completion of such work, the Tenant shall deliver to the Landlord evidence of payment, contractors’ affidavits and full and final waivers of all liens for labor, services or materials.

 

(b)           The Tenant, at its expense, shall obtain all necessary governmental permits and certificates for the commencement and prosecution of the Tenant’s Improvements and for final approval thereof upon completion, and shall cause the Tenant’s Improvements to be performed in compliance therewith and with all applicable laws and requirements of public authorities, and in a good and workmanlike manner using only good grades of materials.

 

(c)           The Tenant’s Improvements shall not constitute the basis for a claim against the Landlord, nor a lien or charge upon or against the Land or the Building, and if at any time any such claim, lien or charge shall be filed against the Land or the Building, the Tenant shall cause such claim, lien or charge to be properly released of record within thirty (30) days after the filing thereof, and if the Tenant shall fail to do so, then the Landlord may discharge the same.  The Tenant shall defend, indemnify and save harmless the Landlord from and against any and all such claims, liens and charges, and all costs and expenses, including reasonable attorney’s fees, incurred by the Landlord in procuring the discharge of any such claim, lien or charge or in connection with any action or proceeding brought thereon.

 

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(d)           The Tenant shall pay for all materials constituting Tenant’s Improvements, and the Tenant agrees that none of such materials shall be at any time subject to or encumbered by any lien, security interest, encumbrance, charge, installment sales contract or the interest of any other person, firm or corporation whether created voluntarily or involuntarily.

 

11.          Tenant’s Property.

 

(a)           Except for Tenant’s Improvements, all movable partitions, business machinery and equipment, communications equipment and all other property which is not attached to or built into the Demised Premises and which is installed in the Demised Premises by or for the account of the Tenant at its sole expense, and all furniture, furnishings and other articles of personal property owned by the Tenant and located in the Demised Premises (all of which are collectively called the “Tenant’s Property”), shall be and shall remain the property of the Tenant, and may be removed by it at any time during the term of this lease and shall be removed by it at the termination of the term of this lease.  The Tenant shall repair or pay the cost of repairing any damage to the Demised Premises or to the Building resulting from such removal.

 

(b)           The Landlord shall not be liable to the Tenant or any other person for any loss or damage to the Tenant’s Property or the Tenant’s Improvements, or to any property of any other person, from any cause, including, without limitation, theft, vandalism, illegal entry, or by steam, gases or electricity, or by water, rain or snow, whether the same may leak into, issue or flow from any part of the Building, or from the pipes or plumbing work of the Building, or from any other place or quarter, unless caused by the gross negligence or willful act of the Landlord, its servants, agents or employees.

 

12.          Tenant’s Repairs.

 

(a)           Except for the maintenance for which the Landlord is expressly responsible pursuant to the provisions of Section 13, the Tenant agrees that throughout the term of this lease, the Tenant, at its expense, shall (i) keep, (x) the Demised Premises and the Tenant’s Improvements, and (y) the area marked “Common Hall Area” on Exhibit A hereto (including the bathrooms therein), in a clean condition and in good order and repair, including the removal of trash, (ii) make all necessary repairs and replacements on account of, and not do or suffer any waste, damage or in to the Demised Premises or the Tenant’s Improvements, and (iii) except for any repairs required due to the negligence or willful misconduct of the Landlord, its employees or agents, make any necessary repairs (but not replacement) to the HVAC system servicing the Demised Premises during the term of this lease.

 

(b)           Except for loss or damage by reason of the causes set forth in Section 9(a), the Tenant shall reimburse the Landlord for all costs and expense incurred by the Landlord to repair all damage to the Demised Premises as shall be required by reason of the fault or neglect of the Tenant, or any of its officers,

 

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employees, contractors, agents or invitees, such payment to be made within ten (10) days after written demand therefor.

 

13.          Landlord’s Repairs, Maintenance.  Except for the repair of the HVAC system which services the Demised Premises for which the Tenant is responsible as provided in Section 11(a) hereof, the Landlord shall keep, maintain and repair the Building, and its fixtures, appurtenances, systems and facilities, sidewalks and other appurtenances thereto, in good working order and condition, including the replacement of the HVAC system if the same cannot be repaired, and the repair of the HVAC system if such repairs are required due to the negligence or willful misconduct of the Landlord, its employees or agents.  The Landlord shall not be required to maintain or repair the Tenant’s Improvements.

 

14.          Utilities and Services.  During the term of this lease, the Landlord shall provide hot and cold running water for drinking purposes, electricity for normal office use, toilet and automatically operated elevator facilities to the Demised Premises on a round-the-clock basis.  The Landlord shall not provide phone or internet connections.    Tenant shall have control over the temperature in the Demised Premises.

 

15.          Access to Demised Premises; Use of Loading Docks.

 

(a)           During the term of this lease, the Tenant may use and occupy the Demised Premises for the purposes set forth in Section 4, on such days and hours (regardless of whether they be business days or regular hours) as it may determine, and the Tenant and its officers, employees, agents and visitors at all times shall have access to the Demised Premises by means of doorways, passageways, corridors, stairways, elevators and entrances in the Building affording access to the Demised Premises as more particularly shown on Exhibit A hereto, subject, however, to reasonable Rules and Regulations adopted by the Landlord and otherwise subject to the obligations of this lease.  The Landlord may limit the number of points of entry to the Building during hours other than regular hours of business days, provided that reasonably convenient access to all parts of the Demised Premises shall be provided at all times.

 

(b)           The Landlord and the Landlord’s agents shall have the right, but not the obligation, to enter and pass through the Demised Premises or any part or parts thereof during business hours after reasonable prior notice to Tenant and at such other times (without the need of prior notice) as such entry shall be required by circumstances of emergency affecting the Demised Premises or the remainder of the Building, (i) to examine the Demised Premises and to show them to any mortgagee, prospective mortgagees or purchasers of the Building, and (ii) for the purpose of performing such maintenance and making such repairs or changes in or to the Demised Premises or in or to the Building or its facilities as may be provided for or permitted by this lease or as may be mutually agreed upon by the parties or as the Landlord may be required to make by laws and requirements of public authorities, and (iii) for the purpose of inspecting, testing, measuring or otherwise (in each instance provided that the foregoing do not materially interfere with Tenant’s use and

 

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occupancy of the Demised Premises)  in connection with Landlord’s use and occupancy of the Building or future use of the Demised Premises.  The Landlord shall be allowed to take all materials into and upon the Demised Premises that may be required for such repairs, changes or maintenance.

 

(c)           During the term of this lease, the Tenant shall have the right to use the loading docks and shall have access thereto for the removal of inventory and other personal property of the Tenant, upon reasonable advance notice to the Landlord.

 

(d)           The Landlord may exhibit the Demised Premises to prospective tenants.

 

16.          Damage or Destruction.

 

(a)           In the event that the Demised Premises (other than Tenant’s Improvements), or any part thereof, or access thereto, shall be damaged or destroyed by fire or other casualty, but the Tenant shall continue to have reasonably convenient access to the Demised Premises and no portion of the Demised Premises (other than Tenant’s Improvements) shall thereby be rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 4, the Landlord shall repair such damage or destruction (except damage or destruction to Tenant’s Property or Tenant’s Improvements) with reasonable diligence.  During the period when such repair work is being conducted, the Rent shall not be abated or suspended.

 

(b)           In the event that the Demised Premises (other than Tenant’s Improvements), or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty that the Tenant shall not have reasonably convenient access to the Demised Premises or any portion of the Demised Premises (other than Tenant’s Improvements) so that the Demised Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 4, then each of the Landlord and the Tenant shall have the right to terminate the term of this lease by giving written notice of such termination to the other within ten (10) days after such damage or destruction.  If neither party gives such notice of intention to terminate the term of this lease, then the Landlord shall repair the damage or destruction with reasonable diligence.

 

(c)           In the event that the Tenant shall not have reasonably convenient access to the Demised Premises or any portion of the Demised Premises (other than Tenant’s Improvements) shall be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 4 by reason of such damage or destruction, and this lease is not terminated pursuant to Section 16(b) above, then the Rent shall be equitably suspended or abated until the Landlord shall have substantially completed the repair of the Demised Premises and the means of access thereto.

 

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(d)           No damages, compensation or claim shall be payable by the Landlord to the Tenant, or any other person, by reason of inconvenience, loss of business or annoyance arising from any damage or destruction, or any repair thereof, as is referred to in this Section 16.

 

17.          Condemnation.  

 

(a)           If all of the Building, or so much of the Building or the Demised Premises as is necessary for the Tenant’s use and occupancy of the Demised Premises for the purposes set forth in Section 4, or for reasonably convenient access to the Demised Premises, shall be taken by condemnation or in any other manner for any public or quasi-public use and purpose, then the term of this lease shall forthwith terminate as of the date title vests in the taking authority and the Rent shall be apportioned as of such date.

 

(b)           The Tenant shall have the exclusive right in any proceeding with respect to any taking referred to in this Section 17 to any award payable for the Tenant’s moving expenses and the then value of the Tenant’s Property, but the Tenant shall have no other right to any award for either a total taking or a partial taking of the Land, the Building or the Demised Premises, including any right for the contract value of this lease, and any such award shall be retained by the Landlord as the Landlord’s sole property.

 

(c)           In the event of any taking which does not result in a termination of the term of this lease, the Rent shall be equitably suspended or abated, but the Landlord shall not have any obligation to restore the remaining portion of the Demised Premises or Building.

 

18.          Surrender.  On the Expiration Date or upon any earlier termination of the term of this lease, the Tenant shall quit and surrender the Demised Premises, including Tenant’s Improvements, to the Landlord in good order, condition and repair, except for (a) ordinary wear and tear and (b) conditions requiring repairs which are not required to be made by the Tenant.  The Tenant shall remove all of the Tenant’s Property, and at the Landlord’s request, shall remove those portions of Tenant’s Improvements as shall be designated by the Landlord for Tenant’s removal at the time the Landlord approves the plans therefor, and shall repair any damage to the Demised Premises on account of such removal.

 

19.          Default and Damages.

 

(a)           Any of the following occurrences or acts shall constitute an event of default under this lease:  (i) whenever the Tenant shall default in the payment of any Rent or any other charge payable by the Tenant to the Landlord, on any day upon which the same is due, and such default shall continue for five (5) days; or (ii) whenever the Tenant shall do, or fail to do, or permit to be done, whether by action or inaction, anything contrary to any of the Tenant’s obligations hereunder, and if such situation shall continue and shall not be remedied by the Tenant within thirty (30) days after the Landlord shall have given to the Tenant a notice specifying the same, or, in the case of a situation which cannot with due diligence be cured within a period of

 

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thirty (30) days if the Tenant shall not (l) within such thirty (30) day period advise the Landlord of the Tenant’s intention duly to institute all steps necessary to remedy such situation, and (2) duly institute within such thirty (30) day period and thereafter diligently prosecute to completion, all steps necessary to remedy the same; (iii) whenever the Tenant is dissolved, makes assignment for the benefit of creditors, files a voluntary petition in bankruptcy, is adjudicated a bankrupt or insolvent, files a petition or answer seeking for the Tenant any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, files an answer or other pleading admitting or failing to contest material allegations of a petition filed against the Tenant in any proceeding of this nature, or seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the Tenant or of all or any substantial part of the Tenant’s properties; or (iv) if within sixty (60) days after the commencement of any proceeding against the Tenant seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law, or regulation, the proceeding has not been dismissed; or if within sixty (60) days after the appointment without the Tenant’s consent or acquiescence of a trustee, receiver, or liquidator of the Tenant or of all or any substantial part of the Tenant’s properties, the appointment is not vacated or stayed; or if within sixty (60) days after expiration of any such stay, the appointment is not vacated.

 

(b)           If an event of default shall have occurred and be continuing, the Landlord shall have the immediate right at its election (i) to terminate the term of this lease by giving the Tenant not less than ten (10) days written notice of the Landlord’s election to terminate, and (ii) whether or not the Landlord shall have terminated the term of this lease pursuant to this Section 19(b), and without demand or notice whatever, to re-enter and take possession of the Demised Premises, removing all persons and property therefrom either by summary process proceedings or by other action, without being liable for any damages therefor.

 

(c)           If the Landlord elects to re-enter and take possession of the Demised Premises pursuant to Section 19(b), and whether or not the Landlord shall have terminated the term of this lease pursuant to Section 19(b), the Landlord may (but shall be under no obligation to) re-let the whole or any part of the Demised Premises on behalf of the Tenant for a period equal to, or greater or less than, the remainder of the term of this lease, at such rent and upon such terms and conditions as the Landlord shall determine reasonable, to any tenant the Landlord may consider suitable and for any use or purpose the Landlord may deem appropriate in the Demised Premises.  The Landlord shall not be liable for failure to re-let the Demised Premises, and the Landlord shall be entitled to receive and retain the rent received upon such re-letting, whether or not such rent is in excess of the Rent.

 

(d)           If the Landlord elects to re-enter and take possession of the Demised Premises pursuant to Section 19(b), and whether or not the Landlord shall have terminated the term of this lease pursuant to Section 19(b), or re-let the Demised Premises pursuant to Section 19(c), the Tenant shall pay to the Landlord, as liquidated damages, within ten (10) days after written demand therefor, the following sums: (i) all

 

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unpaid Rent, as of the date of such re-entry, repossession or termination, plus the Rent and the additional rentals and charges from time to time payable under this lease until what would have been the end of the term of this lease in the absence of such re-entry, repossession or termination; (ii) all expenses of maintaining the Demised Premises while vacant; (iii) all expenses, including reasonable attorneys’ fees, incurred by the Landlord in recovering possession of the Demised Premises, re-letting the same and collecting the Rent; (iv) all costs of repairs and redecoration of the Demised Premises made to facilitate the re-letting of the Demised Premises; and (v) all brokerage commissions incurred in the re-letting of the Demised Premises.  The Landlord shall be entitled to recover the amounts referred to in this Section 19(d) in one action or at the Landlord’s option in several separate actions, and the Tenant waives the right to assert the rule against bringing multiple actions for the same cause.

 

20.          Parking.  Throughout the term of this lease, the Tenant shall have the right in common with the Landlord and any other occupants of the Building, to use the parking lots located on the Land without charge.  The Landlord shall maintain such parking lots and the driveway areas leading to such parking lots in good order and repair and shall keep the same free and clear of ice, snow and debris.  The Tenant agrees that it shall not overburden the parking lots and further agrees that the parking lots shall only be used for the parking of passenger vehicles.

 

21.          Unperformed Covenants.  If the Tenant shall default in the performance of any of the Tenant’s obligations hereunder, the Landlord, without thereby waiving such default, may, at the Landlord’s option, by reason of any default of the Tenant hereunder, perform the same for the account of the Tenant.  If the Landlord makes any expenditures or incurs any obligations for the payment of money, including attorneys’ fees, such sums paid or obligations incurred shall be paid by the Tenant to the Landlord on the first day of the calendar month next following the rendition to the Tenant of the Landlord’s bill therefor to the Tenant.

 

22.          Holding Over.  The Tenant shall pay to the Landlord an amount as Rent equal to one hundred fifty percent (150%) of the monthly Rent as herein provided for each month or portion thereof for which the Tenant shall retain possession of the Demised Premises, or any part thereof, after the termination of the term of this lease, whether by lapse of time or otherwise.  The provisions of this Section 22 shall not be deemed to limit or constitute a waiver of any other rights or remedies of the Landlord provided herein or at law.  Without limiting any rights or remedies of the Landlord resulting by reason of the wrongful holding over by the Tenant, or creating any right in the Tenant to continue in possession of the Demised Premises, all of the Tenant’s obligations with respect to the use, occupancy and maintenance of the Demised Premises shall continue during such period of unlawful retention.

 

23.          Certain Rights Reserved by the Landlord.  The Landlord shall have the following rights, each of which the Landlord may exercise without notice to the Tenant and without liability to the Tenant for damage or injury to property, person or business on account of the exercise thereof, and the exercise of any such rights shall not be deemed to constitute an eviction or disturbance of the Tenant’s use or possession of the

 

10

 

Demised Premises and shall not give rise to any claim for set-off or abatement of rent or any other claim, provided that the Landlord agrees that in the exercise of such rights it shall not do or cause to be done anything which is, in any material respect, inconsistent with the use of the Demised Premises for general office space and laboratory space:

 

(a)           To change the Building’s street address, if required by the U.S. Postal Service.

 

(b)           To decorate or to make repairs, alterations, additions or improvements, whether structural or otherwise, in and about the Building, or any part thereof, and for such purposes to enter upon the Demised Premises, and during the continuance of any of said work, to close temporarily doors, entrances, public space and corridors in the Building and to interrupt or temporarily suspend services or use of facilities, all without affecting any of the Tenant’s obligations hereunder, so long as the Demised Premises are reasonably accessible and usable; and provided that the Landlord shall use reasonable efforts to perform such work in a manner which will minimize the interference with the business being conducted by the Tenant within the Demised Premises.

 

(c)           To be provided and to retain at all times, and to use in appropriate instances, keys to all doors within and into the Demised Premises.  The Tenant agrees to change no locks, and not to affix locks on doors without the prior written consent of the Landlord.  Upon the expiration of the term of this lease or otherwise upon the Tenant’s right to possession, the Tenant shall return all keys to the Landlord and shall disclose to the Landlord the combination of any safes, cabinets or vaults left in the Demised Premises.

 

(d)           To designate and approve all window coverings and lighting fixtures used in the Building to preserve the uniformity of appearance from the outside.

 

(e)           To from time to time establish uniform controls for all tenants in the Building for the purpose of regulating all property and packages, both personal and otherwise, to be moved into or out of the Building and the Demised Premises and all persons using the Building after normal office hours.

 

(f)            To regulate delivery and service of supplies in order to insure the cleanliness and security of the Building and to avoid congestion of the loading docks, receiving areas and freight elevators.

 

(g)           To erect, use and maintain pipes, ducts, wiring and conduits, and appurtenances thereto, in and through the walls and floors within the Demised Premises at reasonable locations; provided that the Landlord shall use reasonable efforts to perform such work in a manner which will minimize the interference with the business being conducted by the Tenant within the Demised Premises.

 

24.          Notices.  Any notice, approval, request, consent, bill, statement or other communication required or permitted to be given, rendered, served or made by either party hereto, shall be in writing and shall be given by (i) personal delivery; (ii) certified or

 

11

 

registered United States Mail, postage prepaid, return receipt requested; or (iii) nationally recognized overnight delivery (e.g., Federal Express or UPS), in each case addressed to the party to receive such notice at its address set forth below:

 

(a)           if to the Tenant to:

 

STR Solar (Connecticut), LLC

18 Craftsman Road

East Windsor, Connecticut 06088

Attn:  Alan Forman, Esquire

Senior Vice President and

General Counsel

 

(b)           if to the Landlord to:

 

SBS USA Realty, LLC

c/o Updike Kelly & Spellacy, P.C.

100 Pearl Street

Hartford, Connecticut  06123

Attn:  John F. Wolter, Esquire

 

Either party may, from time to time, by written notice to the other, designate a different mailing address for notices, bills, statements or other communications intended for it.  All such notices shall be deemed given upon actual receipt or refusal to accept, or upon return to sender due to impossibility of delivery.

 

25.          Estoppel Certificate.  The Tenant shall, from time to time, within ten (10) days after the Landlord’s written request, deliver to the Landlord a written certificate, in recordable form, ratifying this lease, and stating (a) the Commencement Date and the Expiration Date, (b) that this lease is in full force and effect and has not been assigned, modified, supplemented or amended (except by such writings as shall be stated), (c) that all conditions under this lease to be performed by the Landlord have been satisfied (or setting forth those conditions which have not been), (d) that there are no defenses or offsets against the enforcement of this lease by the Landlord, or stating those claimed by the Tenant, (e) the amount of advance rental, if any (or none if such is the case), paid by the Tenant, and (f) the date to which rental has been paid, provided, however, that the Tenant shall not be required to make written declarations as to any matters which to its knowledge are inaccurate or not true.  Any such certificate may be relied upon by any mortgagee of the Land and the Building, any assignee of such mortgagee, and any prospective purchaser of the Land and the Building.

 

26.          Rights of Landlord; Non-Waiver.  No right or remedy herein conferred upon or reserved to the Landlord is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder or now or hereafter existing.  The failure of the Landlord to insist upon the strict performance of any provision hereof or to exercise any option, right, power or remedy contained herein shall not be construed as a waiver or

 

12

 

relinquishment thereof for the future.  Receipt by the Landlord of any Rent, any additional rent or any other sum payable hereunder with knowledge of the breach of any provision hereof shall not be deemed a waiver of such breach, and no waiver by the Landlord of any provision hereof shall be deemed to have been made unless expressed in writing and signed by the Landlord.  In addition to other remedies provided herein, the Landlord shall be entitled, to the extent not prohibited by law, to injunctive relief in case of the violation, or attempted or threatened violation, of any of the provisions hereof, or to a decree compelling performance of any of the provisions hereof, or to any other remedy allowed to the Landlord by law.

 

27.          No Recording.  This lease shall not be recorded in the East Windsor Land Records.

 

28.          Limitation on Landlord’s Liability.  Except for any loss caused by the negligence or willful misconduct of the Landlord or any of its employees or agents, Landlord shall not be responsible or liable to Tenant for any loss or damage to Tenant, its business (including any loss of income therefrom), or its property occasioned by or through the acts or omissions of any persons occupying or operating any adjoining premises, or for any loss or damage resulting to Tenant, or its business (including any loss of income therefrom), or its property from theft, smoke, fire, electricity, steam, gas, vapor, water or rain, or other airborne contaminants, or from the breakage, leakage, obstruction or other defects of pipes, wires, appliances, plumbing, heating, air-conditioning or lighting fixtures, or from any other cause (including failure of utilities), whether the said damage or injury results from conditions arising from the Demised Premises or from any other sources or places, including, without limitation, the manner of use, occupancy or operation of any adjoining properties

 

29.          Prior Agreements.  This lease constitutes the entire agreement by and between the parties hereto affecting the leasing of the Demised Premises and supersedes any and all previous agreements, written or oral, between the parties and affecting the leasing of the Demised Premises.

 

30.          Captions; Sections; Gender.  The captions contained herein have been inserted for convenience only and shall not have the effect of modifying, amending or changing the express terms and provisions of this lease.  All references to a “Section” shall refer to a Section of this lease unless the context otherwise requires.  Whenever used, the singular number shall include the plural, the plural the singular, and use of any gender shall include all genders.

 

31.          Benefit and Burden.  The covenants, conditions, agreements and terms of this lease shall be binding upon and shall inure to the benefit of the parties hereto and their successors and permitted assigns.

 

32.          Applicable Law.  This lease shall be governed by and construed in accordance with the laws of the State of Connecticut.

 

13

 

33.          Landlord’s Construction.  Tenant acknowledges that during the term of this Lease Landlord may be engaging in certain construction activities at the Building (“Construction Activities”).  Tenant agrees that so long as Tenant shall have reasonably convenient access to the Demised Premises and the parking lots at the Building, any such Construction Activities shall not be a violation of Tenant’s rights under this Lease or Landlord’s responsibilities hereunder.

 

34.          Prejudgment Remedy Waiver.  TENANT HEREBY WAIVES ALL RIGHTS TO NOTICE AND PRIOR COURT HEARING OR COURT ORDER UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED, OR AS OTHERWISE ALLOWED BY THE LAW OF ANY STATE OR FEDERAL LAW WITH RESPECT TO ANY AND ALL PREJUDGMENT REMEDIES THE LANDLORD MAY DESIRE TO EMPLOY TO ENFORCE ITS RIGHTS AND REMEDIES UNDER THIS LEASE.  MORE SPECIFICALLY, TENANT ACKNOWLEDGES THAT LANDLORD’S ATTORNEY MAY, PURSUANT TO CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, ISSUE A WRIT FOR A PREJUDGMENT REMEDY WHICH MAY RESULT IN THE ATTACHMENT OR LEVY AGAINST TENANT’S PROPERTY WITHOUT SECURING A COURT ORDER AND FURTHER WAIVE ALL RIGHTS TO REQUEST THAT LANDLORD POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT AGAINST DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY LANDLORD.

 

35.          Security.  The Tenant acknowledges and agrees that the Landlord has no obligation to provide active security or electronic surveillance for the Building or the Demised Premises.  Landlord and Tenant acknowledge that the access points to the Building have automatic door locks and entry to the Building requires the use of key cards.  Landlord agrees to supply key cards to Tenant’s employees who will need access to the Building to enter the Demised Premises.  Tenant agrees to take no action to change the automatic door lock system of the Building.  Tenant shall institute such security measures for the safekeeping of its property and the Demised Premises as are commercially reasonable, provided Tenant shall not be responsible for the security of the Building generally.

 

14

 

IN WITNESS WHEREOF, the Landlord and the Tenant have hereunto caused to be set their hands and seals as of the day and year first above written.

 

	
 
    	
SBS   USA REALTY, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
SBS   USA, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:   Joseph Tassone
    
	
 
    	
 
    	
 
    	
Its   President
    
	
 
    	
 
    	
 
    	
Duly   Authorized
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
STR   SOLAR (CONNECTICUT), LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Alan N. Forman
    
	
 
    	
 
    	
Title:   Secretary
    

 

15

 

EXHIBIT A — FLOOR PLAN

 

 

 

EXHIBIT B
  DESCRIPTION OF THE LAND

 

A certain piece or parcel of land situated in the Town of East Windsor, County of Hartford and State of Connecticut, designated as “Lot 4 18 Craftsman Road (Currently 96 Newberry Road) Map 15 Blk 19 Lot 12 Area = 1,752,832 S.F., 40.24± Ac.” as shown on a map entitled: “Resubdivision Plan 6 Lot Industrial Resubdivision Newberry Road & Craftsman Road East Windsor, Connecticut Assessor’s Map 15 Blk 19 Lot 12 Zone: M-l Owner/Applicant East Windsor Limited Partnership One Main Street Whitinsville, MA 01588 Date 3-30-07 Revised to 8-30-07 Sheet 3 of 14 Scale 1’ = 100’ J. R. Russo & Associates Land Surveyors & Professional Engineers 1 Shoham Road East Windsor, Connecticut 06066 (860)623-0569 Fax: (860)623-2485” which map in on file in the Town of East Windsor Town Clerk’s Office as Map #3794, 2 of 2, to which reference may be had for a more particular description.Exh11-13-2014

	
			
	 
	Confidential Treatment Requested
	 

	 
	 
	Exhibit 10.1

FOURTH OMNIBUS AMENDMENT TO 
FOURTH AMENDED AND RESTATED RECEIVABLES 
FUNDING AND ADMINISTRATION AGREEMENT 
AND
THIRD AMENDED AND RESTATED RECEIVABLES 
SALE AND SERVICING AGREEMENT

This FOURTH OMNIBUS AMENDMENT (this “Amendment”), dated as of November 6, 2014, is entered into by and among SIT FUNDING CORPORATION (the “Borrower”), SYNNEX CORPORATION (“Synnex”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Committed Lender, PNC, as Managing Agent for the PNC Lender Group, SUMITOMO MITSUI BANKING CORPORATION (“SMBC”), as a Committed Lender, MANHATTAN ASSET FUNDING COMPANY LLC (“MAFC”), as a Discretionary Lender, SMBC NIKKO SECURITIES AMERICA, INC. (“SMBC Nikko”), as Administrator for the SMBC Discretionary Lender and as Managing Agent for the SMBC Lender Group, LIBERTY STREET FUNDING LLC (“Liberty Street”), as a Discretionary Lender, and THE BANK OF NOVA SCOTIA (“BNS”), as a Committed Lender, as Administrative Agent for the Committed Lenders and Discretionary Lenders, as Administrator for the BNS Discretionary Lender and as Managing Agent for the BNS Lender Group and is the (i) EIGHTH AMENDMENT TO THE FOURTH AMENDED AND RESTATED RECEIVABLES FUNDING AND ADMINISTRATION AGREEMENT (as described below) and (ii) TENTH AMENDMENT TO THE THIRD AMENDED AND RESTATED RECEIVABLES SALE AND SERVICING AGREEMENT (as described below). 
RECITALS
A.WHEREAS, the Borrower, PNC, SMBC, MAFC, SMBC Nikko, Liberty Street and BNS are parties to that certain Fourth Amended and Restated Receivables Funding and Administration Agreement, dated as of November 12, 2010 (together with all exhibits and schedules thereto, and as heretofore amended, restated or supplemented, the “RFA”);
B.    WHEREAS, each of the persons signatory thereto from time to time as Originators, Synnex, in its capacity as servicer thereunder, and the Borrower, as buyer are parties to that certain Third Amended and Restated Receivables Sale and Servicing Agreement, dated as of January 23, 2009 (together with all exhibits and schedules thereto, and as heretofore amended, restated or supplemented, the “SSA”); and
C.    WHEREAS, the Borrower, PNC, SMBC, MAFC, SMBC Nikko, Liberty Street and BNS desire to amend and modify certain terms of the RFA as hereinafter set forth and the Borrower, Synnex and BNS desire to amend and modify certain terms of the SSA, and to make certain other changes to the RFA, the SSA and the Related Documents, as hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

	
				
	 	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to omitted portions.

	 

	
			
	 
	Confidential Treatment Requested
	 

1.    Certain Defined Terms.  Capitalized terms that are used herein without definition shall have the same meanings herein as in Annex X to SSA and RFA.
2.    Amendments to Annex X to the SSA and the RFA.  
(a)    Clause (iii) in the definition of “Adjusted Net Receivables Balance” in Annex X to SSA and RFA is hereby amended and restated in its entirety to read as follows:
“(iii) the lesser of (A) (I) the aggregate Outstanding Balance of all Eligible Receivables the Obligors of which are Eligible Foreign Obligors minus (II) the sum, with respect to each Eligible Foreign Obligor Jurisdiction, of the amount by which the aggregate Outstanding Balance of all Eligible Receivables of each Eligible Foreign Obligor organized in such Eligible Foreign Obligor Jurisdiction exceeds 2.00% of the Net Receivables Balance and (B) (I) at any time a Foreign Obligor Trigger Event exists, 2.00% of the Net Receivables Balance and (II) at any time a Foreign Obligor Trigger Event does not exist, 5.00% of the Net Receivables Balance, and”.
(b)    The definition of “Aggregate Commitment” in Annex X to SSA and RFA is hereby amended by replacing the amount “Five Hundred Million Dollars ($500,000,000)” where it appears therein with the amount “Six Hundred Million Dollars ($600,000,000)” in its place.
(c)    The definition of “Concentration Percentage” in Annex X to SSA and RFA is hereby amended and restated in its entirety as follows:
““Concentration Percentage” shall mean, as of any date of determination, for the Obligors compromising each Class of Obligor in the table below, on an individual basis, a percentage not to exceed the corresponding “Individual Obligor Percentage”, subject to adjustment for any Special Obligors as approved by the Administrative Agent with the consent of the Requisite Lenders.
	
		
	Class of Obligor
	Individual Obligor Percentage

	 
	 

	Class A
	15.00%

	Class B
	10.00%

	Class C
	7.66%

	Class D
	4.60%

(d)    The definition of “Default Ratio” in Annex X to SSA and RFA is hereby amended by (i) replacing the text “Outstanding Balance” where it appears in clause (a)(i) therein with 

	
			
	 
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	Confidential Treatment Requested
	 

the text “Billed Amount” in its place and (ii) replacing the time period “three (3) months” where it appears in clause (b) therein with the time period “four (4) months” in its place. 
(e)    The definition of “Default Trigger Ratio” in Annex X to SSA and RFA is hereby amended by (i) replacing the text “fourth, fifth, and sixth” where it appears therein with the text “fifth, sixth, and seventh” in its place and (ii) replacing the text “Outstanding Balance” where it appears in clause (a) therein with the text “Billed Amount” in its place. 
(f)    The definition of “Defaulted Receivable” in Annex X to SSA and RFA is hereby amended by replacing the text “91 to 120 days” where it appears therein with the text “121 to 150 days” in its place. 
(g)    The definition of “Delinquency Ratio” in Annex X to SSA and RFA is hereby amended and restated in its entirety to read as follows:  
““Delinquency Ratio” shall mean, as of any date of determination, the ratio (expressed as a percentage) of:

(1)        the aggregate Billed Amount of all Transferred Receivables (other than Specified Excluded Receivables) with respect to which any payment, or part thereof, remains unpaid from 91 to 120 days after its Billing Date

to

(2)        the aggregate Outstanding Balance of all Transferred Receivables (other than Specified Excluded Receivables) as of the last day of the most recently ended Settlement Period.”.

(h)    The definition of “Delinquency Trigger Ratio” in Annex X to SSA and RFA is hereby amended and restated in its entirety to read as follows:

““Delinquency Trigger Ratio” shall mean, as of any date of determination, the ratio (expressed as a percentage) of:

(1)        the aggregate Billed Amount of Transferred Receivables (other than Specified Excluded Receivables) as of the last day of the three (3) most recently ended Settlement Periods with respect to which any payment, or part thereof, remains unpaid from 91 to 120 days after its Billing Date

to

(2)        the aggregate Outstanding Balance of Transferred Receivables (other than Specified Excluded Receivables) as of the last day of the three (3) most recently ended Settlement Periods.”.

	
			
	 
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(i)    Clause (a) of the definition of “Eligible Receivable” in Annex X to SSA and RFA is hereby amended by replacing the number “90” where it appears therein with the number “120” in its place.
(j)    The definition of “Final Advance Date” in Annex X to SSA and RFA is hereby amended by replacing the date “October 18, 2015” where it appears therein with the date “November 4, 2016” in its place. 
(k)    The definition of “Indemnified Taxes” in Annex X to SSA and RFA is hereby amended by replacing the text “Section 2.08(h)” where it appears therein with the text “Section 2.08(g)” in its place.
(l)    The definition of “Loss Reserve Ratio” in Annex X to SSA and RFA is hereby amended and restated in its entirety to read as follows:
““Loss Reserve Ratio” shall mean, as of any date of determination, the ratio (expressed as a percentage) calculated in accordance with the following formula:
LRR=LHF × ARR × 2.25
where
LRR =        the Loss Reserve Ratio;
		
	LHF = 
	a Loss Horizon Factor equal to (x) the aggregate principal amount of Transferred Receivables originated during the four (4) most recent Settlement Periods preceding such date divided by (z) the Adjusted Net Receivables Balance as of the end of the Settlement Period immediately preceding such date; and

		
	ARR =
	As of any date of determination, the highest quotient occurring during the twelve most recent Settlement Periods of (i) the aggregate Billed Amount of all Transferred Receivables (other than Specified Excluded Receivables) which became Defaulted Receivables during the three most recent calendar Settlement Periods immediately preceding such date divided by (ii) the aggregate Outstanding Balance of all Transferred Receivables (other than Specified Excluded Receivables) originated during the fifth through seventh calendar Settlement Periods immediately preceding such date.”.

(m)    The definition of “Minimum Reserve Ratio” in Annex X to SSA and RFA is hereby amended by replacing the percentage “22.5%” where it appears therein with the percentage “25.0%” in its place. 

	
			
	 
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(n)    The last sentence in the definition of “Special Obligor” in Annex X to SSA and RFA is hereby amended and restated in its entirety to read as follows:
“As of the Fourth Omnibus Amendment Effective Date, and until such status is revoked by any Lender, (i) [*] shall be a Special Obligor with an “Individual Obligor Percentage” of 25.00% so long as [*]’s long-term unsecured rating is equal to or greater than A by S&P and Baa2 by Moody’s; (ii) [*] shall be a Special Obligor with an “Individual Obligor Percentage” equal to a Class C Obligor under the definition of “Concentration Percentage” so long as [*]’s long-term unsecured rating is equal to or greater than BB by S&P and Baa3 by Moody’s; and (iii) [*] shall be a Special Obligor with an “Individual Obligor Percentage” of 7.00%.”.
(o)    Annex X to the SSA and RFA is hereby be amended by inserting the following defined terms in the appropriate alphabetical order:
““Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower, the Servicer, and each Originator or their respective Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended, and any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
“Eligible Foreign Obligor” shall mean a Foreign Obligor whose jurisdiction of organization has a sovereign debt rating of no less than A-1 by S&P and P-1 by Moody’s.
“Eligible Foreign Obligor Jurisdiction” shall mean any jurisdiction in which an Eligible Foreign Obligor is organized.
“Foreign Obligor Trigger Event” shall exist if, as of any date of determination, either (i) Synnex’s Fixed Charge Coverage Ratio (as defined in the Credit Agreement) is below 1.20 or (ii) Synnex’s consolidated Leverage Ratio (as defined in the Credit Agreement) is above 3.50. 
“Fourth Omnibus Amendment Effective Date” shall mean November 6, 2014.
“Participant Register” shall have the meaning assigned to it in Section 12.02(i) of the Funding Agreement.
“Register” shall have the meaning assigned to it in Section 12.02(i) of the Funding Agreement.
“Sanctioned Country” shall mean, at any time, a country or territory which is the subject or target of any Sanctions, including, on the Fourth Omnibus Amendment Effective Date, Cuba, Iran, North Korea, Sudan and Syria.

	
			
	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to omitted portions.

	 
	 
	 

	 
	5
	 

	
			
	 
	Confidential Treatment Requested
	 

“Sanctioned Person” shall mean, at any time (i) a Person currently the subject or the target of any Sanctions, including any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, and (ii) any Person controlled by any such Person.
“Sanctions” shall mean economic, financial or other sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or other relevant sanctions authority, including the U.S. and Canada.
“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.”.
3.    Amendments to the RFA.
(a)    The second sentence in clause (g) of Section 2.08 to the RFA is hereby amended and restated in its entirety as follows:
“If the Borrower shall be required by law to deduct or withhold any Indemnified Taxes from or in respect of any sum payable hereunder, (i) the sum payable shall be increased as much as shall be necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this Section 2.08) the Affected Party entitled to receive any such payment receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the Borrower shall make such deductions or withholdings, and (iii) the Borrower shall pay the full amount deducted or withheld to the relevant taxing or other authority in accordance with applicable law.”.
(b)    The first sentence in clause (a) of Section 2.09 to the RFA is hereby amended and restated in its entirety in its entirety to read as follows:
“If any Affected Party shall have determined that, after the date hereof, the adoption or implementation of or any change in any law, treaty, governmental (or quasi governmental) rule, regulation, guideline or order or in the administration, interpretation, implementation or application thereof by any Governmental Authority regarding capital adequacy, reserve or liquidity requirements or similar requirements or compliance by such Affected Party with any request or directive regarding capital adequacy, reserve or liquidity requirements or similar requirements (whether or not having the force of law) from any central bank or other Official Body increases or would have the effect of increasing the amount of capital, liquidity, reserves or other funds required to be maintained by such Affected Party against commitments made by it under this Agreement or any other Related Document or Program Support Agreement and thereby reducing the rate of return on such Affected Party’s capital as a consequence of its commitments 

	
			
	 
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hereunder or thereunder (each, an “Increased Capital Rate of Return Reduction Event”), then the Borrower shall from time to time upon demand by the Administrative Agent pay to the Administrative Agent on behalf of such Affected Party additional amounts sufficient to compensate such Affected Party for such reduction together with interest thereon from the date of any such demand until payment in full at the applicable Base Rate.”.
(c)    The first sentence of clause (o) of Section 4.01 to the RFA is hereby amended and restated in its entirety to read as follows:
“The Borrower (i) is not a “covered fund” under the Volcker Rule and (ii) is not, and after giving effect to the transactions contemplated hereby, will not be required to register as, an “investment company” within the meaning of the Investment Company Act or any successor statute.  In determining that the Borrower is not a covered fund, the Borrower either does not rely solely on the exemption from the definition of “investment company” set forth in Section 3(c)(1) and/or 3(c)(7) of the Investment Company Act or is entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).”.
(d)    Section 4.01 to the RFA is hereby amended by inserting a new clause (w) at the end thereof to read as follows:
“(w)    Anti-Corruption Laws and Sanctions.  Policies and procedures have been implemented and maintained by or on behalf of the Borrower that are designed to achieve compliance by the Borrower and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, giving due regard to the nature of such the Borrower’s business and activities, and the Borrower and, to the knowledge of the Borrower, its officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the credit facility established hereby, are in compliance with Anti-Corruption Laws and applicable Sanctions, in each case in all material respects.  (a) None of the Borrower or, to the knowledge of the Borrower, any of its directors, officers, employees, or agents that will act in any capacity in connection with or directly benefit from the credit facility established hereby, is a Sanctioned Person, and (b)  the Borrower is not organized or resident in a Sanctioned Country.  No Advance or use of proceeds thereof by the Borrower in any manner will violate Anti-Corruption Laws or applicable Sanctions.”.
(e)    Section 5.01 to the RFA is hereby amended by inserting a new clause (i) at the end thereof to read as follows:
“(i)        Anti-Corruption Laws and Sanctions.  Policies and procedures will be maintained and enforced by or on behalf of the Borrower that are designed in good faith and in a commercially reasonable manner to promote and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower and each of its directors, 

	
			
	 
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officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, in each case giving due regard to the nature of the Borrower’s business and activities.”.
(f)    Section 5.03 to the RFA is hereby amended by inserting a new clause (q) at the end thereof to read as follows:
“(q)    Anti-Corruption Laws and Sanctions.  The Borrower will not request any Advance, and shall procure that its directors, officers, employees and agents shall not use, the proceeds of any Advance (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any party hereto under any applicable Sanctions or the violation of any Sanctions by any such Person.”.
(g)    Section 8.01(t) to the RFA is hereby amended and restated in its entirety as follows: 
“(t)        (i) the Default Trigger Ratio shall exceed 2.00%; (ii) the Delinquency Trigger Ratio shall exceed 2.50%; (iii) the Dilution Trigger Ratio shall exceed 5.75%; or (iv) the Receivables Collection Turnover Trigger shall exceed 47.5 days; or”.
(h)    Section 12.02 to the RFA is hereby amended by inserting a new clause (i) at the end thereof to read as follows:
“(i)        The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain, or cause to be maintained, a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Related Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any commitments, loans, letters of credit or its other obligations under any of the Related Documents) to any Person except to the extent that such disclosure is necessary to 

	
			
	 
	8
	 

	
			
	 
	Confidential Treatment Requested
	 

establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.”.
(i)    Schedule 1.01 to the RFA is hereby amended and restated in its entirety in the form of Exhibit A attached hereto. 
(j)    The Form of Monthly Report and the Form of Weekly Report attached to Annex 5.02(a) to the RFA are hereby amended and restated in its entirety in the form of Exhibit B attached hereto.
4.    Amendments to the SSA. 
(a)    Section 4.01 to the SSA is hereby amended by inserting a new clause (y) at the end thereof to read as follows:
“(y)    Anti-Corruption Laws and Sanctions.  Policies and procedures have been implemented and maintained by or on behalf of each of the Transaction Parties that are designed to achieve compliance by the Transaction Parties and their respective Subsidiaries, directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, giving due regard to the nature of such Person’s business and activities, and each of the Transaction Parties, their respective Subsidiaries and their respective officers and employees and, to the knowledge of each of the Transaction Parties, its respective officers, employees, directors and agents acting in any capacity in connection with or directly benefitting from the purchases contemplated established hereby, are in compliance with Anti-Corruption Laws and applicable Sanctions, in each case in all material respects.  None of (a) the Transaction Parties or any of their respective Subsidiaries or, to the knowledge of the Transaction Parties, as applicable, any of their respective directors, officers, employees, or agents that will act in any capacity in connection with or directly benefit from the credit facility established hereby, is a Sanctioned Person, and (b)  the Transaction Parties nor any of their respective Subsidiaries is organized or resident in a Sanctioned Country.  No use of proceeds of the Sale Price of any Transferred Receivables by any Transaction Party will in any manner violate Anti-Corruption Laws or applicable Sanctions.”. 
(b)    Section 4.02 to the SSA is hereby amended by inserting a new clause (o) at the end thereof to read as follows:
“(o)    Anti-Corruption Laws and Sanctions.  Policies and procedures will be maintained and enforced by or on behalf of each Originator that are designed in good faith and in a commercially reasonable manner to promote and achieve compliance, in the reasonable judgment of each Originator, by such Originator and each of its respective Subsidiaries and its or their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, in each case giving due regard to the nature of such Person’s business and activities.”.

	
			
	 
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	Confidential Treatment Requested
	 

(c)    Section 4.03 to the SSA is hereby amended by inserting a new clause (n) at the end thereof to read as follows:
“(n)    Anti-Corruption Laws and Sanctions.  Each Originator shall not use, and each Originator shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, proceeds of the Sale Price of any Transferred Receivables (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in each case to the extent doing so would violate any Sanctions, or (C) in any other manner that would result in liability to any party hereto under any applicable Sanctions or the violation of any Sanctions by any such Person.”.
(d)    Section 7.04 to the SSA is hereby amended by inserting a new clause (p) at the end thereof to read as follows:
“(p)    Anti-Corruption Laws and Sanctions.  Policies and procedures will be maintained and enforced by or on behalf of the Servicer that are designed in good faith and in a commercially reasonable manner to promote and achieve compliance, in the reasonable judgment of the Servicer, by the Servicer and each of its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, in each case giving due regard to the nature of such Person’s business and activities”.
5.    Representations and Warranties.  Each of Synnex and the Borrower represents and warrants for itself as follows:
(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
(b)    This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c)    No consent, approval, authorization or order of, or filing (except for any filing required by federal securities laws), registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment that has not already been obtained.

	
			
	 
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(d)    The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its organization documents or (ii) violate, contravene or conflict in any material respect with any laws applicable to such Person.
(e)    Immediately after giving effect to this Amendment, (i) the representations and warranties of the Borrower set forth in the RFA and Synnex set forth in the SSA shall be true and correct (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof, in which case, such representations and warranties shall be true and correct as of such other date) and (ii) no Termination Event or Incipient Termination Event shall have occurred and be continuing.
6.    Effect of Amendment.  Except as expressly amended and modified by this Amendment, all provisions of the RFA and the SSA shall remain in full force and effect. After this Amendment becomes effective, all references in the RFA and the SSA to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the RFA or the SSA, as applicable, shall be deemed to be references to the RFA and the SSA as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the RFA or the SSA other than as set forth herein.
7.    Effectiveness.  This Amendment shall become effective as of the date hereof (the “Effective Date”) receipt by the Administrative Agent of the following:  (i) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the other parties hereto; (ii) counterparts of the Amended and Restated Fee Letter (whether by facsimile or otherwise) executed by each of the other parties thereto; and (iii) such documents and certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of the Borrower and Synnex and the authorization of this Amendment, all in form and substance satisfactory to the Administrative Agent. 
8.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.
9.    Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.
10.    Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

	
			
	 
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11.    Section Headings.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the RFA or the SSA or any provision hereof or thereof.
[Signature Pages Follow]

	
			
	 
	12
	 

	
			
	 
	Confidential Treatment Requested
	 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
SIT FUNDING CORPORATION, 
as the Borrower 
 
 
By:___/s/ Marshall Witt_________________ 
Name:  Marshall Witt
Title:    Chief Financial Officer

SYNNEX CORPORATION 
 
 
 
By:___/s/ Marshall Witt_________________ 
Name:  Marshall Witt
Title:    Chief Financial Officer

S-1    Fourth Omnibus Amendment (Synnex)

	
			
	 
	Confidential Treatment Requested
	 

THE BANK OF NOVA SCOTIA,  
as a Lender, as Administrator for 
Liberty Street Funding LLC, 
as Managing Agent for the 
BNS Lender Group and 
as the BNS Committed Lender

By:___/s/ Eugene Dempsey ______________ 
Name:     Eugene Dempsey
Title:     Director

LIBERTY STREET FUNDING LLC,  
as a Lender and the BNS Discretionary Lender

By:___/s/ Jill A. Russo___________________ 
Name:     Jill A. Russo
Title:     Vice President

THE BANK OF NOVA SCOTIA, 
as Administrative Agent

By:___/s/ Eugene Dempsey ______________ 
Name:     Eugene Dempsey
Title:     Director

S-2    Fourth Omnibus Amendment (Synnex)

	
			
	 
	Confidential Treatment Requested
	 

PNC BANK, NATIONAL ASSOCIATION,  
as Managing Agent for the PNC Lender Group
 
 
By:___/s/ Mark Falcione____________________ 
Name:     Mark Falcione
Title:     Executive Vice President

PNC BANK, NATIONAL ASSOCIATION,  
as a Lender and as the PNC Committed Lender 
 
 
By:___/s/ Mark Falcione____________________ 
Name:     Mark Falcione
Title:     Executive Vice President
 

S-3    Fourth Omnibus Amendment (Synnex)

	
			
	 
	Confidential Treatment Requested
	 

SMBC NIKKO SECURITIES AMERICA, INC.,  
as Administrator for 
Manhattan Asset Funding Company LLC 
and as Managing Agent for the  
SMBC Lender Group 
 
 
By:___/s/ Naoya Miyagaki___________________ 
Name:     Naoya Miyagaki
Title:     President

SUMITOMO MITSUI BANKING CORPORATION,  
as a Lender and the SMBC Committed Lender 
 
 
By:___/s/ Yasufumi Morita___________________ 
Name:     Yasufumi Morita
Title:     Vice President

MANHATTAN ASSET FUNDING COMPANY LLC, as a Lender and 
the SMBC Discretionary Lender 

By:    MAF RECEIVABLES CORP., 
its sole member
By:___/s/ Lina Khaimah_____________________ 
Name:     Lina Khaimah
Title:    

S-4    Fourth Omnibus Amendment (Synnex)

	
			
	 
	Confidential Treatment Requested
	 

EXHIBIT A

Schedule 1.01 to the Fourth Amended and Restated
Receivables Funding and Administration Agreement
by and among
SIT Funding Corporation,
The Financial Institutions Signatory Hereto From Time to Time
and The Bank of Nova Scotia

	
		
	Lender
	Commitment

	The Bank of Nova Scotia
	$270,000,000

	PNC Bank, National Association
	$180,000,000

	Sumitomo Mitsui Banking Corporation
	$150,000,000

	Total
	$600,000,000

 A-1

	
			
	 
	Confidential Treatment Requested
	 

EXHIBIT B

Form of Monthly Report & Form of Weekly Report

[Attached]

B-1

	
			
	 
	Confidential Treatment Requested
	 

	
					
	SIT Funding Corporation

	Monthly Report

	 
	 
	 
	 

	 
	Pro Forma Report For Month Ending:
	 
	 

	Please NOTE: $ in 000s

	 
	 
	 
	 

	PART I. ROLLFORWARD

	 
	 
	TOTAL
	 
	NOTES

	1)
	Beginning of Month Receivables Balance
	 
	 
	 

	2)
	Gross Credit Sales (and Transfers)
	 
	 
	 

	3)
	Collections
	 
	 
	 

	4)
	Write Offs prior to 91 days past invoice
	 
	 
	 

	5)
	Recoveries
	 
	 
	 

	6)
	Non-Dilutive Debits
	 
	 
	 

	7)
	Non-Dilutive Credits
	 
	 
	 

	8)
	Discounts
	 
	 
	 

	9)
	Credit MEMOs
	 
	 
	 

	9a)
	Other Dilutive Items
	 
	 
	 

	 
	End of Month Receivables Balance
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PART II. AGING

	 
	 
	TOTAL
	 
	 

	10)
	0-30 dpi
	 
	 
	 

	11)
	31-60 dpi
	 
	 
	 

	12)
	61-90 dpi
	 
	 
	 

	13)
	91-120 dpi
	 
	 
	 

	14)
	121-150 dpi
	 
	 
	 

	14a)
	151+ dpi
	 
	 
	 

	15)
	[Reserved] 91-120 dpi: EXT & AFR, less PAR
	 
	 
	 

	16)
	[Reserved] 121-150 dpi: EXT & AFR, less PAR
	 
	 
	 

	16a)
	[Reserved] 151+ dpi AFR, less PAR
	 
	 
	 

	16b)
	Credits
	 
	 
	 

	 
	TOTAL
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PART III. ELIGIBLE & NET ELIGIBLES RECEIVABLES CALCULATION

	 
	 
	TOTAL
	 
	 

	TOTAL
	Total Receivables
	 
	 
	 

	 
	 
	 
	 
	 

	17)
	A/R > 120 dpi
	 
	 
	 

B-2

	
			
	 
	Confidential Treatment Requested
	 

	
					
	18)
	Credits > 90 dpi
	 
	 
	 

	19)
	COD  or CIA Payment Terms
	 
	 
	 

	20)
	Contra / Offset
	 
	 
	 

	21)
	Unapplied Cash
	 
	 
	 

	22)
	Chargebacks and returns
	 
	 
	 

	23)
	Due From Bankrupt or Insolvent Customers
	 
	 
	 

	24)
	Extended Terms A/R
	 
	 
	 

	25)
	Bill and Hold / Guaranteed Sales / Progress Billing
	 
	 
	 

	26)
	Excluded Obligor Receivables
	 
	 
	 

	27)
	Cross Aging > 50% (>90 dpi)
	 
	 
	 

	28)
	Employee Receivables
	 
	 
	 

	29)
	Non-trade/ Notes Receivable
	 
	 
	 

	30)
	Rebate Reserve
	 
	 
	 

	31)
	Disputed Receivables
	 
	 
	 

	32)
	Vendor Pass through amounts
	 
	 
	 

	33)
	All Other Ineligibles
	 
	 
	 

	34)
	Subserviced Receivables
	 
	 
	 

	 
	Total
	 
	 
	 

	 
	 
	 
	 
	 

	 
	INELIGIBLE RECEIVABLES
	 
	 
	 

	 
	ELIGIBLE RECEIVABLES
	 
	 
	 

	 
	           less Permitted Affiliates, Foreign, and Govt
	 
	 
	 

	 
	           less Excess Concentration Amounts
	 
	 
	 

	 
	NET RECEIVABLES BALANCE
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Contra - Gov't
	 
	 
	 

	 
	Contra - Permitted Affiliate Receivables
	 
	 
	 

	 
	Contra - Foreign Receivables (USD)
	 
	 
	 

	 
	Contra - Subservicing allow 
	 
	 
	 

	 
	Adj NET RECEIVABLE BALANCE ("Adj NRB")
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PART IV. ADVANCE RATE

	 
	 
	%
	 
	 

	 
	Loss Reserve Ratio
	 
	 
	MEMO:

	 
	Dilution Reserve Ratio
	 
	 
	 

	 
	Minimum Reserve Ratio
	 
	 
	 

	 
	Dynamic Advance Rate
	 
	 
	 

	 
	Adj. NRB x Dynamic Advance Rate
	 
	 
	 

	 
	Interest Reserve
	 
	Interest Reserve Rate:

	 
	Servicing Fee Reserve
	 
	Servicing Fee Rate:

B-3

	
			
	 
	Confidential Treatment Requested
	 

	
					
	 
	Available For Funding ("AFN")
	 
	 
	 

	 
	 
	 
	 
	 

	35)
	Aggregate Commitment
	 
	 
	 

	 
	Borrowing Base
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PART V. FUNDING AVAILABILITY
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Borrowing Base (Maximum Availability)
	 
	 
	 

	36)
	Borrowing (Current Capital Outstanding)
	 
	 
	 

	 
	 
	 
	 
	 

	 
	POTENTIAL INCREASE AMOUNT
	 
	 
	 

	 
	 
	 
	 
	 

	37)
	Requested Borrowing Increase
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Ending Borrowings Outstanding (after funding)
	 
	 
	 

	 
	Purchaser's Interest
	 
	 
	 

	 
	 
	 
	 
	 

	 
	Funding Excess (as defined in Annex X)
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PART VI. RECEIVABLE TERMINATION EVENTS (PERFORMANCE RATIOS)
	 
	 

	NOTE: Ratios reflect New Age impact starting with April 2008
	 
	(Section 8.01(t) of RFA)
	 

	 
	 
	Current Month
	Trigger
	Termination Event?

	 
	Dilution Trigger Ratio
	 
	 
	 

	 
	Default Trigger Ratio
	 
	 
	 

	 
	Delinquency Trigger Ratio
	 
	 
	 

	 
	Receivables Collection Turnover Trigger
	 
	 
	 

	 
	 
	 
	 
	 

	PART VII. SERVICER TERMINATION EVENTS (FINANCIAL RATIOS)

	 
	 
	 
	(Section 8.01(m) of SSA)
	 

	 
	 
	Current Month
	Trigger*
	Termination Event?

	 
	Fixed Charge Coverage Ratio
	 
	 
	 

	 
	 
	 
	 
	 

	TOP OBLIGORS and Total # Obligors
	 
	 
	 

	Total Number of Obligors
	 
	 
	 

	 
	 
	TOTAL
	 
	 

	38)
	Number of Obligors
	 
	 
	 

	 
	 
	 
	 
	 

	Top Obligors  - attach Concentrations tab
	 
	 
	 

B-4

	
			
	 
	Confidential Treatment Requested
	 

	
					
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	The undersigned hereby represents and warrants that the foregoing is true and accurate in all material  respects and is in accordance with the Receivables Funding & Administration Agreement, as may be amended and restated from time to time, dated as of November 12, 2010 and that no Event of Termination or Incipient Event of Termination has occurred and is continuing. 

	 
	 
	 
	 
	 

	 
	Name:
	 
	 
	 

	 
	Title:
	 
	 
	 

B-5

	
			
	 
	Confidential Treatment Requested
	 

	
									
	Obligor Concentrations

	as of

	 

	Please NOTE: $ in 000s
	(A)
	(B)
	(C)
	(D)
	(E)

	 
	 
	 
	 
	 
	 
	 
	= (A x C)
	= (B - D) or 0

	 
	Obligor
	S&P Short
Term Rating
(If no ST then LT)
	Moody's Short
Term Rating
(If no ST then LT)
	Limit %
	Obligor Eligible Receivables
	Eligible AR (less exception**)
	Concentration Limit
	Excess Concentration

	1.
	 
	 
	 
	 
	 
	 
	 
	 

	2.
	 
	 
	 
	 
	 
	 
	 
	 

	3.
	 
	 
	 
	 
	 
	 
	 
	 

	4.
	 
	 
	 
	 
	 
	 
	 
	 

	5.
	 
	 
	 
	 
	 
	 
	 
	 

	6.
	 
	 
	 
	 
	 
	 
	 
	 

	7.
	 
	 
	 
	 
	 
	 
	 
	 

	8.
	 
	 
	 
	 
	 
	 
	 
	 

	9.
	 
	 
	 
	 
	 
	 
	 
	 

	10.
	 
	 
	 
	 
	 
	 
	 
	 

	11.
	 
	 
	 
	 
	 
	 
	 
	 

	12.
	 
	 
	 
	 
	 
	 
	 
	 

	13.
	 
	 
	 
	 
	 
	 
	 
	 

	14.
	 
	 
	 
	 
	 
	 
	 
	 

	15.
	 
	 
	 
	 
	 
	 
	 
	 

	16.
	 
	 
	 
	 
	 
	 
	 
	 

	17.
	 
	 
	 
	 
	 
	 
	 
	 

	18.
	 
	 
	 
	 
	 
	 
	 
	 

	19.
	 
	 
	 
	 
	 
	 
	 
	 

	20.
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Subserviced Receivables
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 Total Excess Concentrations
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Obligor Class
	Obligor Ratings (S&P/Moody's)*
	Percentage
	Special Obligor
	 
	 

	 
	Short Term
	Long Term
	Company
	Concentration %
	 
	 

	 
	Class A
	A-1/P-1
	A/A2 or higher
	 
	 
	 
	 
	 

	 
	Class B
	A-2/P-2
	BBB+/Baa1 or higher
	 
	 
	 
	 
	 

	 
	Class C
	A-3/P-3
	BBB-/Baa3 or higher
	 
	 
	 
	 
	 

B-6

	
			
	 
	Confidential Treatment Requested
	 

	
									
	 
	Class D
	Below BBB-/Baa3 ; NR ; NIG
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Special Obligors
	Obligor Ratings (S&P/Moody's)
	Percentage
	 
	 
	 
	 

	 
	Short Term
	Long Term
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

B-7

	
			
	 
	Confidential Treatment Requested
	 

	
						
	SIT Funding Corporation

	Weekly Report

	 
	 
	 
	 
	 
	 

	 
	Pro Forma Report For Day Ending:
	 
	 
	 
	 

	Please NOTE: Amounts in Dollars
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	PART I. ROLLFORWARD

	 
	 
	 
	 
	 
	 

	1)
	Beginning of Week Receivables Balance
	 
	 
	 
	 

	2)
	Gross Credit Sales (and Transfers)
	 
	 
	 
	 

	3)
	Collections
	 
	 
	 
	 

	4)
	Write Offs
	 
	 
	 
	 

	5)
	Recoveries
	 
	 
	 
	 

	6)
	Non-Dilutive Debits
	 
	 
	 
	 

	7)
	Non-Dilutive Credits
	 
	 
	 
	 

	8)
	Discounts
	 
	 
	 
	 

	9)
	Credit MEMOs
	 
	 
	 
	 

	9a)
	Other Dilutive Items
	 
	 
	 
	 

	 
	End of Day Receivables Balance
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	PART II. AGING

	 
	 
	 
	 
	 
	 

	 
	Only updated Weekly, not Daily
	 
	 
	 
	 

	10)
	0-30 dpi
	 
	 
	 
	 

	11)
	31-60 dpi
	 
	 
	 
	 

	12)
	61-90 dpi
	 
	 
	 
	 

	13)
	91-120 dpi
	 
	 
	 
	 

	14)
	121-150 dpi
	 
	 
	 
	 

	14a)
	151+ dpi
	 
	 
	 
	 

	15)
	[Reserved] 91-120 dpi: EXT & AFR, less PAR
	 
	 
	 
	 

	16)
	[Reserved] 121-150 dpi: EXT & AFR, less PAR
	 
	 
	 
	 

	16a)
	[Reserved] 151+ dpi: EXT & AFR, less PAR
	 
	 
	 
	 

	16b)
	Credits
	 
	 
	 
	 

	 
	TOTAL
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	PART III. ELIGIBLE & NET ELIGIBLE RECEIVABLES CALCULATION

	 
	 
	 
	TOTAL
	 
	 

	TOTAL
	Total Receivables
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	17)
	A/R > 120 dpi
	 
	 
	 
	 

	18)
	Credits > 90 dpi
	 
	 
	 
	 

B-8

	
			
	 
	Confidential Treatment Requested
	 

	
						
	19)
	COD  or CIA Payment Terms
	 
	 
	 
	 

	20)
	Contra / Offset
	 
	 
	 
	 

	21)
	Unapplied Cash
	 
	 
	 
	 

	22)
	Chargebacks and returns
	 
	 
	 
	 

	23)
	Due From Bankrupt or Insolvent Customers
	 
	 
	 
	 

	24)
	Extended Terms A/R
	 
	 
	 
	 

	25)
	Bill and Hold / Guaranteed Sales / Progress Billing
	 
	 
	 
	 

	26)
	Excluded Obligor Receivables
	 
	 
	 
	 

	27)
	Cross Aging > 50% (>90 dpi)
	 
	 
	 
	 

	28)
	Employee Receivables
	 
	 
	 
	 

	29)
	Non-trade/ Notes Receivable
	 
	 
	 
	 

	30)
	Rebate Reserve (Include NAE Rebate reserve)
	 
	 
	 
	 

	31)
	Disputed Receivables / In excess of Credit Limit
	 
	 
	 
	 

	32)
	Vendor Pass through amounts / Debit Memos
	 
	 
	 
	 

	33)
	All Other Ineligibles (Include NAE Customer Liabilities
	 
	 
	 

	34)
	Subserviced Receivables
	 
	 
	 
	 

	 
	Total
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	INELIGIBLE RECEIVABLES
	 
	 
	 
	 

	 
	ELIGIBLE RECEIVABLES
	 
	 
	 
	 

	 
	           less Permitted Affiliates, Foreign, and Govt
	 
	 
	 
	 

	 
	           less Excess Concentration Amounts
	 
	 
	 
	 

	 
	NET RECEIVABLES BALANCE
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	Contra - Gov't 
	 
	 
	 
	 

	 
	Contra - Permitted Affiliate Receivables 
	 
	 
	 
	 

	 
	Contra - Foreign Receivables (USD)
	 
	 
	 
	 

	 
	Contra - Subservicing 
	 
	 
	 
	 

	 
	Adj NET RECEIVABLE BALANCE ("Adj NRB")
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	PART IV. ADVANCE RATE

	 
	 
	 
	%
	As of:
	 

	 
	Loss Reserve Ratio
	 
	 
	 
	 

	 
	Dilution Reserve Ratio
	 
	 
	 
	 

	 
	Minimum Reserve Ratio
	 
	 
	 
	 

	 
	Dynamic Advance Rate
	 
	 
	 
	 

	 
	NRB x Dynamic Advance Rate
	 
	 
	 
	 

	 
	Interest Reserve
	 
	 
	Interest Reserve Rate:

	 
	Servicing Fee Reserve
	 
	 
	Servicing Fee Rate:

	 
	Available For Funding ("AFN")
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	35)
	Aggregate Commitment
	 
	 
	 
	 

	 
	Borrowing Base
	 
	 
	 
	 

B-9

	
			
	 
	Confidential Treatment Requested
	 

	
						
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	PART V. FUNDING AVAILABILITY

	 
	 
	 
	 
	 
	 

	 
	Borrowing Base (Maximum Availability)
	 
	 
	 
	 

	 
	Borrowing (Current Capital Outstanding)
	 
	 
	 
	 

	 
	 
	EXCESS FUNDING CAPACITY
	 

	 
	POTENTIAL INCREASE AMOUNT
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	Requested Borrowing Increase / (Decrease)
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	Ending Borrowings Outstanding (after funding)
	 
	 
	 
	 

	 
	Purchaser's Interest
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	The undersigned hereby represents and warrants that the foregoing is true and accurate in all material respects and is in accordance with the Receivables Funding & Administration Agreement, as may be amended and restated from time to time, dated as of Nov 12, 2010 and that no Event of Termination or Incipient Event of Termination has occurred and is continuing. 

	 
	 
	 
	 
	 
	 

	 
	Name:
	 
	 
	 
	 

	 
	Title:
	 
	 
	 
	 

B-10

	
			
	 
	Confidential Treatment Requested
	 

	
									
	Obligor Concentrations

	as of

	 

	Please NOTE: $ in 000s
	(A)
	(B)
	(C)
	(D)
	(E)

	 
	 
	 
	 
	 
	 
	 
	= (A x C)
	= (B - D) or 0

	 
	Obligor
	S&P Short
Term Rating
(If no ST then LT)
	Moody's Short
Term Rating
(If no ST then LT)
	Limit %
	Obligor Eligible Receivables
	Eligible AR (less exception**)
	Concentration Limit
	Excess Concentration

	1.
	 
	 
	 
	 
	 
	 
	 
	 

	2.
	 
	 
	 
	 
	 
	 
	 
	 

	3.
	 
	 
	 
	 
	 
	 
	 
	 

	4.
	 
	 
	 
	 
	 
	 
	 
	 

	5.
	 
	 
	 
	 
	 
	 
	 
	 

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	9.
	 
	 
	 
	 
	 
	 
	 
	 

	10.
	 
	 
	 
	 
	 
	 
	 
	 

	11.
	 
	 
	 
	 
	 
	 
	 
	 

	12.
	 
	 
	 
	 
	 
	 
	 
	 

	13.
	 
	 
	 
	 
	 
	 
	 
	 

	14.
	 
	 
	 
	 
	 
	 
	 
	 

	15.
	 
	 
	 
	 
	 
	 
	 
	 

	16.
	 
	 
	 
	 
	 
	 
	 
	 

	17.
	 
	 
	 
	 
	 
	 
	 
	 

	18.
	 
	 
	 
	 
	 
	 
	 
	 

	19.
	 
	 
	 
	 
	 
	 
	 
	 

	20.
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Subserviced Receivables
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 Total Excess Concentrations
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Obligor Class
	Obligor Ratings (S&P/Moody's)*
	Percentage
	Special Obligor
	 
	 

	 
	Short Term
	Long Term
	Company
	Concentration %
	 
	 

	 
	Class A
	A-1/P-1
	A/A2 or higher
	 
	 
	 
	 
	 

	 
	Class B
	A-2/P-2
	BBB+/Baa1 or higher
	 
	 
	 
	 
	 

	 
	Class C
	A-3/P-3
	BBB-/Baa3 or higher
	 
	 
	 
	 
	 

	 
	Class D
	Below BBB-/Baa3 ; NR ; NIG
	 
	 
	 
	 
	 

B-11

	
			
	 
	Confidential Treatment Requested
	 

B-12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]