Document:

Exhibit 10.15

 

AGREED FORM

 

ASSIGNMENT AGREEMENT

 

This Assignment Agreement, dated as of [  ], (this “Agreement”), is by and between Barry Diller, an individual (“Diller”), and Liberty Expedia Holdings, Inc., a Delaware corporation (“Spinco”).

 

WHEREAS, Liberty Interactive Corporation, a Delaware corporation (“Liberty”), has determined to engage in the Spin-Off (as defined in the Transaction Agreement);

 

WHEREAS, pursuant to Section 3.3 of that certain Amended and Restated Stockholders Agreement, dated as of December 20, 2011 (the “Stockholders Agreement”), Liberty granted Diller the Liberty Proxy (as defined in the Stockholders Agreement) (as assigned to Spinco pursuant to the Stockholders Agreement Assignment, the “Spinco Proxy”);

 

WHEREAS, Liberty, Spinco, Diller, and the Malone Group have entered into a transaction agreement (the “Transaction Agreement”), dated as of March 24, 2016, pursuant to which the parties thereto set forth certain agreements in connection with the Spin-Off and the other Transaction Instruments;

 

WHEREAS, as provided in and in accordance with the terms of the Transaction Agreement, subject to the completion of the Spin-Off, prior to or concurrently with the execution of this Agreement, (i) Diller, Spinco and Liberty will enter into an Assignment and Assumption of Governance Agreement with Expedia (the “Governance Agreement Assignment”), pursuant to which, in accordance with Section 5.01 of the Amended and Restated Governance Agreement, dated as of December 20, 2011 (the “Governance Agreement”), among other things, all rights and obligations of Liberty under the Governance Agreement will be assigned to Spinco and Spinco will assume such rights and obligations and Expedia will consent to such assignment, (ii) Liberty, Diller and Spinco will enter into an Assignment and Assumption of Stockholders Agreement (the “Stockholders Agreement Assignment”), pursuant to which, in accordance with Section 5.1 of the Stockholders Agreement, all rights and obligations of Liberty under the Stockholders Agreement will be assigned to Spinco, Spinco will assume such rights and obligations and Diller will consent to such assignment, (iii) Spinco and Diller will enter into Amendment No. 1 to Stockholders Agreement (the “Stockholders Agreement Amendment”) to provide for certain waivers under the Stockholders Agreement, as assigned pursuant to the Stockholders Agreement Assignment, and agreements relating to the voting of Common Shares Beneficially Owned by such parties or with respect to which such parties have the power to vote, and (iv) Diller, John C. Malone (“Malone”) and Leslie Malone (“Mrs. Malone” and together with Malone, the “Malone Group”) will enter into a Proxy and Voting Agreement (the “Malone Proxy”), pursuant to which the Malone Group will until the Proxy Swap Termination Date grant an irrevocable proxy to Diller to vote, subject to certain limitations, the Covered Shares; and

 

WHEREAS, in connection with the Malone Proxy, Diller and Spinco are entering into this Agreement in order to assign the Spinco Proxy from Diller to Spinco, subject to certain limitations, and to provide for the other matters as set forth herein.

 

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NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      CERTAIN DEFINITIONS.

 

As used in this Agreement, the following terms have the respective meanings set forth below.

 

“Agreement” has the meaning set forth in the Preamble.

 

“Amended Stockholders Agreement” means the Stockholders Agreement, as amended by the Stockholders Agreement Assignment and the Stockholders Agreement Amendment.

 

“Assignment” has the meaning set forth in Section 2(a)(i).

 

“Beneficial Owner” and “Beneficial Ownership” has the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s beneficial ownership of Common Shares or any shares of Capital Stock of Expedia which are then entitled to vote generally in the election of directors shall be calculated in accordance with the provisions of such Rule; provided, however, that for purposes of determining beneficial ownership, (i) a Person shall be deemed to be the beneficial owner of any Equity which may be acquired by such Person (disregarding any legal impediments to such beneficial ownership), whether within sixty (60) days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities issued by Expedia and (ii) no Person shall be deemed to beneficially own any Equity solely as a result of such Person’s execution of any Transaction Instrument (including by virtue of holding a proxy with respect to any shares) or such Person’s filing of any reports, forms or schedules with the Securities and Exchange Commission in connection with any of the matters contemplated hereby or thereby, it being understood that for purposes of this definition Diller does not Beneficially Own the Common Shares subject to the Spinco Proxy.

 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York.

 

“Capital Stock” means, with respect to any Person at any time, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such Person.

 

“Certificate” means the Amended and Restated Certificate of Incorporation of Spinco, as in effect at the Effective Time (as the same may be amended from time to time).

 

“Common Shares” has the meaning set forth in the Stockholders Agreement.

 

“Covered Shares” has the meaning ascribed to such term in the Malone Proxy.

 

“Diller” has the meaning set forth in the Preamble.

 

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“Effective Time” means the time at which shares of Spinco Common Stock are distributed in the Spin-Off as a dividend to the holders of Liberty’s Series A Liberty Ventures common stock and Series B Liberty Ventures common stock.

 

“Equity” has the meaning given such term in the Amended Stockholders Agreement.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Expedia” means Expedia, Inc., a Delaware corporation, and any successor by merger, consolidation or other business combination.

 

“Expedia Reimbursement Agreement” means that certain reimbursement agreement among Liberty, Spinco and Expedia, dated as of March 24, 2016.

 

“Governance Agreement” has the meaning set forth in the Recitals.

 

“Governance Agreement Assignment” has the meaning set forth in the Recitals.

 

“Group” shall have the meaning assigned to it in Section 13(d)(3) of the Exchange Act.

 

“Letter Agreement” means that certain letter agreement from Diller to Liberty, to be delivered in connection with the Spin-Off pursuant to the last sentence of Section 5.1 of the Stockholders Agreement.

 

“Liberty” has the meaning set forth in the Recitals.

 

“Malone” has the meaning set forth in the Recitals.

 

“Malone Group” has the meaning set forth in the Recitals.

 

“Malone Proxy” has the meaning set forth in the Recitals.

 

“Mrs. Malone” has the meaning set forth in the Recitals.

 

“Person” means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group comprised of two or more of the foregoing.

 

“Proxy Swap Termination Date” has the meaning assigned to it in the Transaction Agreement.

 

“Spinco” has the meaning set forth in the Preamble.

 

“Spinco Bylaws” means the amended and restated bylaws of Spinco as in effect at the Effective Time, as the same may be amended from time to time in compliance with the Certificate and such bylaws.

 

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“Spinco Proxy” has the meaning set forth in the Recitals.

 

“Spin-Off” has the meaning set forth in the Recitals.

 

“Spinco Stockholder Group” means Spinco and those Subsidiaries (as defined in the Amended Stockholders Agreement) of Spinco that, from time to time, hold Equity subject to the Amended Stockholders Agreement.

 

“Stockholders Agreement” has the meaning set forth in the Recitals.

 

“Stockholders Agreement Amendment” has the meaning set forth in the Recitals.

 

“Stockholders Agreement Assignment” has the meaning set forth in the Recitals.

 

“Transaction Agreement” has the meaning set forth in the Recitals.

 

“Transaction Instrument” means any of this Agreement, the Certificate, the Spinco Bylaws, the Malone Proxy, the Stockholders Agreement, the Stockholders Agreement Assignment, the Stockholders Agreement Amendment, the Letter Agreement, the Governance Agreement, the Governance Agreement Assignment, the Transaction Agreement and the other agreements contemplated by the matters contemplated hereby and thereby.

 

2.                                      ASSIGNMENT OF SPINCO PROXY.

 

(a)           Assignment.

 

(i)            Effective immediately following the Effective Time until the Proxy Swap Termination Date, subject to the terms and conditions of this Agreement and the other Transaction Instruments, Diller irrevocably assigns all of his rights to vote Common Shares under Section 3.3 of the Stockholders Agreement, as amended by the Stockholders Agreement Assignment, to Spinco, and Spinco accepts such assignment on the terms and conditions set forth herein (the “Assignment”).

 

(ii)           Notwithstanding anything to the contrary set forth herein, the Assignment is personal to Spinco and may not be transferred or further assigned by Spinco without the prior written consent of Diller (except by operation of law pursuant to a merger whose purpose is not to avoid the provisions of this Agreement).

 

(b)           Voting Agreement.  Spinco will (i) vote or not vote (or act or not act by written consent with respect to) all Common Shares Beneficially Owned by Spinco or any member of the Spinco Stockholder Group (or with respect to which Spinco has the power to vote) subject to the terms of the Assignment and this Agreement, the Transaction Agreement, the Certificate and the Amended Stockholders Agreement, (ii) cause a representative to attend all meetings of Expedia stockholders in person or be present by proxy for purposes of obtaining a quorum (except as otherwise required pursuant to the terms of Section 3(d) of the Transaction Agreement and Article V, Section C of the Certificate), and (iii) execute all written consents in lieu of meetings of Expedia stockholders, as applicable, in each case in accordance with and subject to the terms of the Assignment and this Agreement, the Transaction Agreement, the Certificate and

 

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the Amended Stockholders Agreement.

 

3.             REPRESENTATIONS AND WARRANTIES OF SPINCO.  Spinco hereby represents and warrants to Diller that (a) it is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and it has the corporate power and authority to enter into this Agreement and to carry out its obligations hereunder, (b) the execution and delivery of this Agreement by Spinco has been duly authorized by all necessary action on the part of Spinco and no other proceedings on the part of Spinco are necessary to authorize this Agreement, (c) this Agreement has been duly executed and delivered by Spinco and constitutes a valid and binding obligation of Spinco, and, assuming this Agreement constitutes a valid and binding obligation of Diller, is enforceable against Spinco in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), (d) neither the execution, delivery or performance of this Agreement by Spinco constitutes a breach or violation of or conflicts with  its certificate of incorporation or by-laws (or similar governing documents) or any material agreement to which it is a party and (e) none of such material agreements would impair in any material respect the ability of Spinco to perform its obligations hereunder.

 

4.             REPRESENTATIONS AND WARRANTIES OF DILLER. Diller hereby represents and warrants to Spinco that (a) Diller has the power and authority to enter into this Agreement and to carry out his obligations hereunder, (b) the execution and delivery of this Agreement by Diller has been duly authorized by all necessary action on the part of Diller and no other proceedings on the part of Diller are necessary to authorize this Agreement, (c) this Agreement has been duly executed and delivered by Diller and constitutes a valid and binding obligation of Diller, and, assuming this Agreement constitutes a valid and binding obligation of Spinco, is enforceable against Diller in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity), (d) neither the execution, delivery or performance of this Agreement by Diller constitutes a breach or violation of or conflicts with any provision of any material agreement to which Diller is a party and (e) none of such material agreements would impair in any material respect the ability of Diller to perform his obligations hereunder.

 

5.             TERM; TERMINATION.  This Agreement will terminate upon the Proxy Swap Termination Date, without any requirement to give notice, whereupon the Assignment will be immediately revoked (unless notice of termination is required pursuant to the Transaction Agreement, in which case this Agreement will terminate on the Proxy Swap Termination Date as determined thereby), and the right to vote the Expedia shares subject to the Assignment will revert to and be vested solely in Diller in accordance with and subject to the terms and conditions of the Amended Stockholders Agreement; provided, however, that, nothing in this Section 5 shall relieve any party of any liability for a breach of this Agreement prior to such termination.

 

6.             SPINCO COVENANT TO COMPLY.  Spinco hereby covenants to Diller that it will comply with the Proxy Swap Certificate and Bylaw Provisions (as defined in the Transaction Agreement).

 

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7.                                      MISCELLANEOUS.

 

(a)           Remedies.  Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.  All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.  In the event that a party institutes any suit or action under this Agreement, including for specific performance or injunctive relief pursuant to this Section 7, the prevailing party in such proceeding shall be entitled to receive the costs incurred thereby in conducting the suit or action, including reasonable fees and expenses of counsel, accountants, consultants and other experts.

 

(b)           Further Assurances.  At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further actions as the other party may reasonably request in order to evidence or effectuate the matters contemplated hereby and to otherwise carry out the intent of the parties hereunder.

 

(c)           Expenses.  Except as otherwise provided in any Transaction Instrument, all costs and expenses incurred in connection with the matters contemplated by this Agreement shall be paid by the party incurring such costs and expenses.

 

(d)           Governing Law; Jurisdiction and Venue.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law. The parties hereto hereby irrevocably submit to the jurisdiction of the Delaware Court of Chancery or, in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the matters contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware, or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined exclusively in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware. The parties hereto hereby consent to and grant the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, the United States District Court for the District of Delaware, jurisdiction over the person of such parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that mailing of process or other papers in

 

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connection with any such action or proceeding in the manner provided herein or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(e)           Assignment; Successors.  Except as otherwise provided herein, neither this Agreement nor any of the rights or obligations under this Agreement shall be assigned, in whole or in part (except by operation of law pursuant to a merger whose purpose is not to avoid the provisions of this Agreement), by a party without the prior written consent of the other party hereto. Any assignment in violation of the foregoing shall be void ab initio.  Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.

 

(f)            Entire Agreement; No Third-Party Beneficiaries.  Except as otherwise expressly set forth herein or therein, (i) this Agreement and (ii) the other Transaction Instruments and the Expedia Reimbursement Agreement, including any exhibits and schedules thereto, (x) embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof or thereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way and (y) are not intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties hereto and their respective successors and permitted assigns.

 

(g)           Notices.  Any notices or other communications required or permitted under, or otherwise in connection with this Agreement, shall be in writing and shall be deemed to have been duly given (i) when delivered in person, (ii) upon transmission by electronic mail or facsimile transmission as evidenced by confirmation of transmission to the sender (but only if followed by transmittal of a copy thereof by (x) national overnight courier or (y) hand delivery with receipt, in each case, for delivery by the second (2nd) Business Day following such electronic mail or facsimile transmission), (iii) on receipt after dispatch by registered or certified mail, postage prepaid and addressed, or (iv) on the next Business Day if transmitted by national overnight courier, in each case as set forth to the parties as set forth below:

 

	
If to Spinco, to:
    
	
 
    
	
Liberty Expedia   Holdings, Inc.
    
	
12300 Liberty Boulevard
    
	
Englewood, CO 80112
    
	
Facsimile:
    	
 
    
	
Attention:
    	
Richard N. Baer
    
	
E-Mail:
    

 

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with a copy (which   shall not constitute notice) to:
    
	
 
    
	
Baker Botts L.L.P.
    
	
30 Rockefeller Plaza
    
	
New York, New York   10112
    
	
Facsimile: (212)   259-2500
    
	
Attention:
    	
Frederick H. McGrath
    
	
 
    	
Renee L. Wilm
    
	
E-Mail:
    	
frederick.mcgrath@bakerbotts.com
    
	
 
    	
renee.wilm@bakerbotts.com
    
	
 
    
	
If   to Diller, to:
    
	
 
    
	
c/o Arrow   Investments, Inc.
    
	
555 West 18th Street
    
	
New York, NY 10011
    
	
Attention:
    	
Barry Diller
    
	
Facsimile:
    	
 
    
	
E-mail:
    	
 
    
	
 
    
	
with   a copy (which shall not constitute notice) to:
    
	
 
    
	
Wachtell, Lipton,   Rosen & Katz
    
	
51 West 52nd Street
    
	
New York, NY 10019
    
	
Attention:
    	
Andrew J. Nussbaum, Esq.
    
	
Facsimile:
    	
(212) 403-2000
    
	
E-mail:
    	
AJNussbaum@wlrk.com
    

 

or such other address, email address or facsimile number as such party may hereafter specify by like notice to the other parties hereto.

 

(h)           Severability.  Whenever possible, each provision (or portion thereof) of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision (or portion thereof) of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, then (subject to Section 5 hereof) such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

(i)            Amendments and Waivers.  This Agreement may not be amended, modified, or waived except in a written instrument executed by the parties. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

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(j)            No Implied Waivers.  No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein or made pursuant hereto.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by any party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver of such party’s rights to exercise the same at any subsequent time or times hereunder.

 

(k)           Interpretation.  When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”.  The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  In the event of any ambiguity or claimed ambiguity in any provision of a Subject Instrument (as defined in the Transaction Agreement), such provision shall be construed in light of the purpose acknowledged and agreed by the parties that Diller’s rights and interests, including without limitation with respect to the control of Expedia by virtue of the Spinco Proxy, shall not be affected or changed by any of the Subject Instruments, except to the extent specifically set forth therein.

 

(l)            Counterparts.  This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, each of the undersigned has executed this agreement as of the date first above written.

 

	
 
    	
LIBERTY   EXPEDIA HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Barry Diller
    

 

[Signature Page to Diller Agreement]EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT dated as of March 23, 2016 between HONDA CANADA FINANCE INC., a Canada corporation (the “Borrower”) and
CANADIAN IMPERIAL BANK OF COMMERCE, as administrative agent, for and on behalf of the Banks party to the Credit Agreement (as defined below) (the “Administrative Agent”). 

WHEREAS, the Borrower, the Banks, the Administrative Agent, and the other Agents party thereto are party to a second amended and restated
credit agreement dated as of March 24, 2014 (as amended pursuant to an amendment dated as of June 30, 2014 and a second amendment dated as of March 13, 2015, the “Credit Agreement”); 

WHEREAS, pursuant to Section 2.11 of the Credit Agreement, the Borrower may request that the Commitment Termination Date of a Class be
extended by one year; and 
 WHEREAS the Borrower has requested that each of the Class A Commitment Termination Date and the Class B
Commitment Termination Date be extended by one year, and the Lenders have agreed to each such extension. 
 NOW THEREFORE IT IS AGREED: 

Section 1 Defined Terms. 

Capitalized terms used in this Third Amendment and not otherwise defined have the meanings specified in the Credit Agreement. 

Section 2 Amendments. 
  

	(1)	Section 1.1 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The definition of “Tranche A Commitment Termination Date” is amended by deleting “March 24, 2016” and replacing it with “March 24, 2017”; and 

 

	 	(b)	The definition of “Tranche B Commitment Termination Date” is hereby amended by deleting “March 24, 2020” and replacing it with “March 24, 2021”. 

 

	(2)	Section 2.1 of the Credit Agreement is amended by inserting the following new Section 2.1(c) after the existing Section 2.1(b): 

“              (c) The Borrower agrees that, except (x) to the
extent the Tranche A Commitments have been terminated in accordance with this Agreement or (y) to the extent of the unfunded portion of the Tranche A Commitment of a Defaulting Bank that has failed to fund any portions of its Accommodations
required to be funded hereunder in respect of its Tranche A Commitment: (i) the Tranche A Commitments shall be fully drawn at all times that there are any Tranche B Accommodations Outstanding and (ii) the Borrower shall not be entitled to
any Tranche B Loans or Tranche B Drawings, and no Tranche B Loans or Tranche B Drawings may be outstanding, at any time that any amount of any Tranche A Commitment is unused. Nothing in this Section 2.1(c) shall restrict the Borrower’s
right to request pursuant to Section 2.9(a) that the Commitments be increased (notwithstanding that there are Tranche B Accommodations Outstanding at the time of such request); provided that, immediately following any increase in the Tranche A
Commitments, the Borrower prepays Tranche B Accommodations Outstanding with the proceeds of new Accommodations under the increased Tranche A Commitments such that the requirements of this Section 2.1(c) are satisfied.” 

	(3)	Section 2.11(a) of the Credit Agreement is amended by deleting “30 days prior to the Existing Commitment Termination Date of the applicable Class” where it appears in the fifth sentence of that Section
and replacing it with “30 days prior to the relevant yearly anniversary date of the Effective Date”. 

 Section 3
Representations and Warranties. 
 To induce the Administrative Agent to enter into this Third Amendment, the Borrower represents and
warrants to the Administrative Agent and the Banks as follows, which representations and warranties shall survive the execution and delivery hereof: 
  

	 	(a)	The Borrower is duly organized and validly existing as a corporation under the laws of Canada; 

  

	 	(b)	The execution, delivery and performance of this Third Amendment has been duly authorized by the Borrower by all necessary corporation action. This Third Amendment has been duly executed and delivered by the Borrower and
constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law; 

 

	 	(c)	The execution, delivery and performance of this Third Amendment by the Borrower and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Borrower is a party or by which it is bound; nor result in or require the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument; nor violate any law or, to the best of its knowledge, any order, rule or regulation applicable to the Borrower of any Governmental Authority having jurisdiction
over the Borrower or its properties; which breach, default, conflict, Lien or violation would have a Material Adverse Effect; and 

  

	 	(d)	The Credit Agreement, as amended pursuant hereto, remains in full force and effect, unamended, and is enforceable against the Borrower in accordance with its terms, except as enforceability may be subject to or limited
by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in
equity or at law. 

 Section 4 Reference to and Effect on the Credit Agreement. 

Upon this Third Amendment becoming effective, each reference in the Credit Agreement to “this Agreement” and each reference to the
Credit Agreement in the other Credit Documents and any and all other agreements, documents and instruments delivered by any of the Banks, the Administrative Agent, the Credit Parties or any other Person shall mean and be a reference to the Credit
Agreement as amended by this Third Amendment. Except as specifically amended by this Third Amendment, the Credit Agreement shall remain in full force and effect. 

  
 - 2 - 

 Section 5 Costs and Expenses. 

The Borrower agrees to reimburse the Administrative Agent and the Banks for all reasonable fees, costs and expenses, including the reasonable
fees, costs and expenses of counsel to the Administrative Agent, in connection with this Third Amendment and the other documents executed in connection herewith. 

Section 6 Effectiveness. 
 This Third
Amendment shall become effective upon the following conditions precedent being satisfied: 
  

	 	(a)	duly executed signature pages for this Third Amendment signed by the Borrower and the Administrative Agent shall have been delivered to the Administrative Agent; 

 

	 	(b)	the Administrative Agent shall have received an Officer’s Certificate in form and substance satisfactory to the Agent to the effect that since the date of the most recent audited financial statements furnished to
the Banks pursuant to Section 9.1 of the Credit Agreement, there has occurred no material adverse change in the business, operations, business prospects or financial condition of the Borrower and its Subsidiaries, taken as a whole; as of the
date of said certificate, no Default has occurred or is continuing or will result from extending each of the Commitment Termination Dates; and, as of the date of said certificate, the representations and warranties made by the Borrower in
Section 8 of the Credit Agreement (excluding Section 8.4(b)) are true and correct with the same force and effect as if made on and as of such date (unless stated to relate solely to an earlier date, in which case such representations and
warranties shall be true and correct in all respects as of such earlier date); 

  

	 	(c)	the Administrative Agent shall have received, for the benefit of the Lenders, a commitment fee equal to 0.03% of the Tranche A Commitments and 0.04% of the Tranche B Commitments. 

Section 7 Governing Law. 
 This Third
Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

Section 8 Counterparts. 
 This Third
Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Third Amendment by signing any such counterpart. Delivery of an executed
counterpart of a signature page to this Third Amendment by telecopier or electronic transmission shall be effective as delivery of a manually executed counterpart of this Third Amendment. 

Section 9 Severability; Headings Descriptive. 

In case any provision in or obligation under this Third Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction shall not in any way be affected or impaired thereby. The headings of the several Sections and subsections of this
Third Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Third Amendment. 

[Signatures appear on the following page] 

  
 - 3 - 

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

					
	 HONDA CANADA FINANCE INC., as

Borrower

		
	 By:
	 	/s/ Dave Jamieson
		 	Name:	 	Dave Jamieson
		 	Title:	 	Vice President, Secretary and Risk Management Officer

  

					
	 By:
	 	/s/ Harald Ladewig
		 	Name:	 	Harald Ladewig
		 	Title:	 	Vice President, Treasurer and Compliance Officer

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	CANADIAN IMPERIAL BANK OF COMMERCE, as Administrative Agent
		
	 By:
	 	/s/ Raj Khanna
		 	Name:	 	Raj Khanna
		 	Title:	 	Executive Director

  

					
	 By:
	 	/s/ Matthew Reis
		 	Name:	 	Matthew Reis
		 	Title:	 	Director

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	CANADIAN IMPERIAL BANK OF COMMERCE, as a Bank
		
	 By:
	 	/s/ Raj Khanna
		 	Name:	 	Raj Khanna
		 	Title:	 	Executive Director

  

					
	 By:
	 	/s/ Matthew Reis
		 	Name:	 	Matthew Reis
		 	Title:	 	Director

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	BANK OF MONTREAL, as a Bank
		
	 By:
	 	/s/ Robert H. Wright
		 	Name:	 	Robert H. Wright
		 	Title:	 	Director

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	ROYAL BANK OF CANADA, as a Bank
		
	 By:
	 	/s/ Chris Cowan
		 	Name:	 	Chris Cowan
		 	Title:	 	Authorized Signatory

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	THE TORONTO-DOMINION BANK, as a Bank
		
	 By:
	 	/s/ Savo Bozic
		 	Name:	 	Savo Bozic
		 	Title:	 	Authorized Signatory

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	BANK OF TOKYO-MITSUBISHI UFJ (CANADA), as a Bank
		
	 By:
	 	/s/ Tomohiko Fuchigami
		 	Name:	 	Tomohiko Fuchigami
		 	Title:	 	Director

  
 Honda Third Amending
Agreement – Signature Page 

 
					
	MIZUHO BANK LTD., CANADA BRANCH, as a Bank
		
	 By:
	 	/s/ Howard Bennett
		 	Name:	 	Howard Bennett
		 	Title:	 	Joint General Manager

  
 Honda Third Amending
Agreement – Signature Page

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