Document:

EX-10.43

 Exhibit 10.43 

SECOND AMENDMENT TO SECOND AMENDED AND 

RESTATED CREDIT AGREEMENT 

This Second Amendment to Second Amended and Restated Credit Agreement (this “Amendment”) is made as of April 16, 2015 by
and among INDUSTRIAL PROPERTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (the “Borrower”), several banks, financial institutions and other entities referred to in the signature pages to this Agreement (collectively,
the “Lenders”), and JPMORGAN CHASE BANK, N.A., not individually, but as “Administrative Agent”. 

RECITALS 
 A. The
Borrower, the Administrative Agent, and the Lenders are parties to a Second Amended and Restated Credit Agreement dated as of November 21, 2014, as amended by a First Amendment to Second Amended and Restated Credit Agreement dated as of
December 19, 2014 (collectively, as amended and modified, the “Credit Agreement”). All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement.

 B. Pursuant to the terms of Section 2.22 of the Credit Agreement, the Borrower has requested an increase in the amount of the
Commitments under the Revolving Credit Exposure from $350,000,000 to $400,000,000. 
 NOW, THEREFORE, in consideration of the foregoing
recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AMENDMENTS 
 1. The
foregoing recitals to this Amendment are incorporated into and made part of this Amendment. 
 2. Schedule 2.01 of the Credit Agreement is
replaced with Schedule 2.01 attached hereto. In accordance with Section 2.22 of the Credit Agreement, the Lenders whose Commitment amounts in Schedule 2.01 have changed, have each agreed to either increase or decrease, as applicable, their
respective Commitments as set forth in such revised Schedule 2.01. Each Lender listed in Schedule 2.01 that was not previously a party to the Credit Agreement (each a “New Lender”) by its execution of this Amendment has become a Lender,
with a Commitment as set forth in such Schedule 2.01. Each New Lender agrees to fully and timely perform each and every obligation of a Lender under the Credit Agreement from and after the effective date of this Amendment and shall have all of the
rights of a Lender as set forth in the Credit Agreement. The effective date of this Amendment shall be the date hereof provided that the conditions precedent to such effectiveness set forth in Section 2.22(e) and Section 10 below have been
satisfied. The representations and warranties in Section 7 below shall satisfy the requirements of clause (y) of such Section 2.22(e). 

 3. Section 2.05(c) of the Credit Agreement is hereby amended by replacing the 4th sentence
therein with the following: 
 “Each Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the
Administrative Agent (and in any event, no later than 5:00 p.m. Chicago time if such notice is received by 12:00 noon, Chicago time, on a Business Day, and no later than 10:00 a.m. Chicago time on the immediately succeeding Business Day if such
notice is received after 12:00 noon, Chicago time, on a Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loans.” 

4. Section 2.06(h) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

“All interest accrued on an LC Disbursement shall be due and payable on the date when reimbursement of such LC Disbursement is
payable.” 
 5. Section 2.20(c)(i) of the Credit Agreement is hereby amended and restated as follows: 

“all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders
in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment
and (y) if the conditions set forth in Section 4.02 are satisfied at such time;” 
 6. The next payment of accrued interest
on each Loan made by Borrower pursuant to Section 2.13(d) of the Credit Agreement, following the date of this Amendment, shall be allocated between the Lenders to take into account the variable outstandings of each of the Lenders at different
times during the month. 
 7. The Borrower hereby represents and warrants the following: 

a) no Default exists under the Loan Documents; 

b) the Loan Documents are in full force and effect and Borrower has no defenses or offsets to, or claims or counterclaims relating to, its
obligations under the Loan Documents; 
 c) there has been no material adverse change in the financial condition of the Borrower as shown in
its December 31, 2014 financial statements; 
 d) the Borrower has full power and authority to execute this Amendment and no consents
are required for such execution other than any consents which have already been obtained; and 

  
 - 2 - 

 e) all representations and warranties contained in Article III of the Credit Agreement are true
and correct in all material respects as of the date hereof both before and after giving effect to change in Commitment amounts, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case
such representation or warranty is true and correct in all material respects on and as of such earlier date, and except that for purposes of this clause (e), the representations and warranties contained in subsections (a) and (b) of
Section 3.04 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 5.01. 

8. The effectiveness of this Amendment shall be conditioned on the following: 

a) The representations and warranties in Section 7 being true and correct. 

b) Any fees required to be paid to the Administrative Agent or any Lender in connection with this Agreement on or before the Closing Date
shall have been paid. 
 c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable and documented fees,
charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the date that is three Business Days prior to the Closing Date, plus such
additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not
thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent). 
 (d) Borrower has made any prepayment
of Revolving Loans required by the last sentence of Section 2.22(e) of the Credit Agreement. 
 9. Except as specifically modified
hereby, the Credit Agreement is and remains unmodified and in full force and effect and is hereby ratified and confirmed. All references in the Loan Documents to the “Credit Agreement” henceforth shall be deemed to refer to the Credit
Agreement as amended by this Amendment. 
 10. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. This Amendment shall be construed in accordance with the internal laws (and not the law of conflicts) of the State of New York,
but giving effect to federal laws applicable to national banks. 
 11. This Amendment shall become effective when it has been executed by
the Borrower, the Administrative Agent, and the Lenders, including each New Lender, and the conditions set forth in Section 8 above have been satisfied. 

[Remainder of Page Intentionally Left Blank.] 

  
 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written. 
  

							
			 INDUSTRIAL PROPERTY OPERATING PARTNERSHIP, LP,

a Delaware limited partnership

			
			By:		Industrial Property Trust Inc., a Maryland corporation, its general partner
				
					By:		 /s/ THOMAS G. MCGONAGLE

					Name:		Thomas G. McGonagle
					Title:		Chief Financial Officer

  
 S-1 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and as a Lender

		
	By:		 /s/ RYAN DEMPSEY

	Name:		Ryan Dempsey
	Title:		Authorized Officer

  
 S-2 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Syndication Agent and as a Lender
		
	By:		 /s/ KEVIN A. STACKER

	Name:		Kevin A. Stacker
	Title:		Senior Vice President

  
 S-3 

 
			
	REGIONS BANK, as Co-Documentation Agent and as a Lender
		
	By:		   /s/ SUSAN WOLFE

	Name:		Susan Wolfe
	Title:		Assistant Vice President

  
 S-4 

 
			
	 KEYBANK NATIONAL ASSOCIATION, as

Co-Documentation Agent and as a Lender

		
	By:		   /s/ CHRISTOPHER T. NEIL

	Name:		Christopher T. Neil
	Title:		Vice President

  
 S-5 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:		 /s/ STEVE KIRBY

	Name:		Steve Kirby
	Title:		AVP

  
 S-6 

 
			
	FIFTH THIRD BANK,
	as a Lender
		
	By:		   /s/ MICHAEL PERILLO

	Name:		Michael Perillo
	Title:		AVP, Relationship Manager

  
 S-7 

 
			
	 CAPITAL ONE NATIONAL ASSOCIATION,

as a Lender

		
	By:		 /s/ FREDERICK H. DENECKE

	Name:		Frederick H. Denecke
	Title:		Senior Vice President

  
 S-8 

 
			
	BANK OF THE WEST,
	as a Lender
		
	By:		 /s/ BENJAMIN ARROYO

	Name:		Benjamin Arroyo
	Title:		Vice President

  
 S-9 

 
			
	THE HUNTINGTON NATIONAL BANK,
	as a Lender
		
	By:		 /s/ FLORENTINA DJULVEZAN

	Name:		Florentina Djulvezan
	Title:		Assistance Vice President

  
 S-10 

 SCHEDULE 2.01 

COMMITMENTS 
 AND
APPLICABLE PERCENTAGES 
 COMMITMENTS 
  

									
	 Name
	  	Commitment	 	  	Percentage	 
	 JPMorgan Chase Bank, N.A.
	  	$	75,000,000.00	  	  	 	18.750000000	% 
	 Wells Fargo Bank, National Association
	  	$	75,000,000.00	  	  	 	18.750000000	% 
	 Regions Bank
	  	$	35,000,000.00	  	  	 	8.750000000	% 
	 KeyBank National Association
	  	$	30,000,000.00	  	  	 	7.500000000	% 
	 U.S. Bank National Association
	  	$	50,000,000.00	  	  	 	12.500000000	% 
	 Capital One National Bank
	  	$	35,000,000.00	  	  	 	8.750000000	% 
	 Fifth Third Bank
	  	$	35,000,000.00	  	  	 	8.750000000	% 
	 Bank of the West
	  	$	30,000,000.00	  	  	 	7.500000000	% 
	 The Huntington National Bank
	  	$	35,000,000.00	  	  	 	8.750000000	%FAST 3.31.15 EX_10.1

Exhibit 10.1

FOURTH AMENDMENT TO 
CREDIT AGREEMENT
THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (“Amendment”) is dated as of April 13, 2015, by and among FASTENAL COMPANY, a Minnesota corporation (“Borrower”), the undersigned “Lenders” parties to the Credit Agreement herein defined, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (in its individual capacity, “Wells Fargo,” and in its administrative agent capacity for the Lenders, “Administrative Agent”).  Capitalized terms used but not defined in this Amendment have the meanings given to them in the Credit Agreement.
RECITALS:
WHEREAS, Borrower, Administrative Agent and the “Lenders” referred to therein are parties to that certain Credit Agreement dated as of December 13, 2012 (as the same may be amended in writing and in effect from time to time, the “Credit Agreement”), pursuant to which Lenders have agreed to make loans and other financial accommodations available to the Borrower; and
WHEREAS, the Borrower has requested and the Required Lenders are willing to agree to certain modifications to the Credit Agreement, all subject and pursuant to the terms and conditions stated herein; 
NOW, THEREFORE, the parties hereby agree to amend the Credit Agreement as follows: 
1.Definitions.  The following definitions in Section 1.1 of the Credit Agreement are hereby amended by adding the following definitions or, as applicable, deleting them in their entirety and substituting the following therefor:
“Applicable Margin” means the corresponding percentages per annum as set forth below based on the Average Utilization:
	
					
	 
	 
	 
	Revolving Credit Loans

	Pricing Level
	Average 
Utilization
	Commitment 
Fee
	LIBOR +
	Floating Rate +

	I
	20% or more
	0.10%
	1.00%
	1.00%

	II
	Less than 20%
	0.125%
	1.00%
	1.00%

The Applicable Margin shall be determined and adjusted quarterly on the date (each a “Calculation Date”) fifteen (15) Business Days after the end of such fiscal quarter of the Borrower; provided that (a) the Applicable Margin shall be based on Pricing Level I until the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Average Utilization as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date.  The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date.  Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made or issued.

4831-7157-3539 v6

“Continuing Directors” means, during any period of 24 consecutive months after the Closing Date, individuals (i) who were members of the board of directors (or equivalent governing body) of the Borrower at the beginning of such 24 month period, or (ii) whose election or nomination for election to the board of directors (or equivalent governing body) of the Borrower was approved by a vote of a majority of the then Continuing Directors.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, (b) a Person named on the lists maintained by the United Nations Security Council available at http://www.un.org/sc/committees/list_compend.shtml, or as otherwise published from time to time, (c) a Person named on the lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published from time to time, (d) a Person named on the lists maintained by Her Majesty’s Treasury available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published from time to time, or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.

“Revolving Credit Commitment” means (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving Credit Loans to the account of the Borrower hereunder in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit Lenders to make Revolving Credit Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof. The aggregate Revolving Credit Commitment of all the Revolving Credit Lenders shall be $400,000,000.

2.    Conditions to Extension of Credit – Patriot Act.  Section 5.1(e)(iii) of the Credit Agreement is hereby deleted and replaced with the following:
(e)     PATRIOT Act.  The Borrower and each of the Credit Parties shall have provided to the Administrative Agent and the Lenders the documentation and other information requested by the Administrative Agent in order to comply with requirements of the PATRIOT Act, applicable “know your customer” and anti-money laundering rules and regulations.

3.    OFAC – Anti-Terrorism Laws.  Section 6.18 of the Credit Agreement is hereby deleted and replaced with the following:
Section 6.18     Anti-Terrorism; Anti-Money Laundering.  No Credit Party nor any of its Subsidiaries or, to their knowledge, any of their Related Parties (i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), as amended, (ii) is in violation of (A) the Trading with the Enemy Act, as 

4831-7157-3539 v6
2

amended, (B) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (C) the PATRIOT Act (collectively, the “Anti-Terrorism Laws”), (iii) is a Sanctioned Person, (iv) has more than 10% of its assets in Sanctioned Countries, or (v) derives more than 10% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries.  No part of the proceeds of any Extension of Credit hereunder will be unlawfully used directly or indirectly by Borrower or Guarantors to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country, or in any other manner that will result in any violation by any Person (including any Lender, the Arranger, the Administrative Agent, the Issuing Lender or the Swingline Lender) of any Anti-Terrorism Laws.

4.    Financial Covenants.  Section 8.10 of the Credit Agreement is hereby deleted and replaced by the following: 
Section 8.10  Financial Covenants.

(a)    Consolidated Total Leverage Ratio.  As of the last day of any fiscal quarter, permit the Consolidated Total Leverage Ratio to be greater than 1.75 to 1.00.

(b)    Minimum Consolidated EBITDA.  As of the last day of any fiscal quarter, permit Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date to be less than $400,000,000.
5.    Schedules.  Schedule 6.3 - Subsidiaries and Capitalization attached to the Credit Agreement is hereby deleted and replaced by Schedule 6.3 attached to this Amendment, with an effective date as of the date of this Amendment.
6.    Compliance Certificate.  The Compliance Certificate attached as Exhibit F hereto replaces and supersedes the Compliance Certificate previously attached to the Credit Agreement and all references in the Credit Agreement shall refer to the Compliance Certificate attached to this Amendment.
7.    No Other Changes.  Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit Agreement remain in full force and effect. 
8.    Conditions Precedent/Subsequent.  This Amendment shall be effective when the Administrative Agent shall have received an original hereof duly executed by all the Borrower, the Administrative Agent and the Required Lenders, together with each of the following, each in substance and form acceptable to the Administrative Agent in its sole discretion:
a)    Officer’s Certificates from the Borrower and each Guarantor; 
b)    an Amended and Restated Revolving Note in favor of Wells Fargo in the maximum principal amount of $387,500,000 (the “Amended Revolving Note”); and 
c)    such other documents and agreements referenced in or required by this Amendment, or as otherwise required by the Administrative Agent in its reasonable discretion.
9.    Representations and Warranties.  Except as explicitly amended by this Amendment, Borrower reaffirms that each of the Representations and Warranties contained in the Credit Agreement is 

4831-7157-3539 v6
3

true and correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date; and without limiting the forgoing, represent and warrant that the Credit Agreement, this Amendment, the Amended Revolving Note and each of the other Loan Documents constitute the continuing legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective terms, not subject to any existing defense, counterclaim or right of setoff by the Borrower, and to the extent that any such defense, counterclaim and/or setoff exists, each of the same are hereby absolutely and forever waived and released.
10.    Release.  Borrower and each of the undersigned Guarantors hereby absolutely and unconditionally releases and forever discharges Administrative Agent and each Lender, and each of their respective participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, that either Borrower or such Guarantor has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising out of, related to or concerning the Credit Agreement or any Loan Documents from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.
11.    Miscellaneous.  Except as amended hereby, the Credit Agreement remains in full force and effect in accordance with its original terms.  Signature pages to this Amendment may be executed in any number of counterparts and by facsimile or email (PDF) transmission, all of which taken together shall constitute one and the same instrument.
[Signature Page Follows]

4831-7157-3539 v6
4

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.

FASTENAL COMPANY, as the Borrower

	
			
	By:
	 
	/s/ Daniel L. Florness

	Name:
	 
	Daniel L. Florness

	Its:
	 
	Chief Financial Officer

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Administrative Agent and a Lender

	
			
	By:
	 
	/s/ Cynthia S. Goplen

	Name:
	 
	Cynthia S. Goplen

	Its:
	 
	Vice President

    

MERCHANTS BANK, N.A., as a Lender

	
			
	By:
	 
	/s/ Jeffrey G. Myers

	Name:
	 
	Jeffrey G. Myers

	Its:
	 
	Vice President

[Signature Page to Fourth Amendment to Credit Agreement Dated as of April 13, 2015]

GUARANTORS' CONSENT, REAFFIRMATION AND GENERAL RELEASE

Each of the undersigned guarantors of all indebtedness of FASTENAL COMPANY to WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lender Parties under the Credit Agreement dated as of  December 13, 2012, hereby:  (i) consents to the foregoing Amendment; (ii) reaffirms its obligations under its respective Guaranty; (iii) reaffirms its waivers of each and every one of the defenses to such obligations as set forth in its respective Guaranty; (iv) reaffirms that its obligations under its respective Guaranty are separate and distinct from the obligations of any other party under said Credit Agreement and the other Loan Documents described therein; and (v) agrees to join in and be bound by all of the terms and provisions of the General Release contained in Paragraph 10 thereof.

FASTENAL COMPANY PURCHASING, as a Guarantor

    	
			
	By:
	 
	/s/ Daniel L. Florness

	Name:
	 
	Daniel L. Florness

	Its:
	 
	Chief Financial Officer

FASTENAL IP COMPANY, as a Guarantor,

    	
			
	By:
	 
	/s/ Daniel L. Florness

	Name:
	 
	Daniel L. Florness

	Its:
	 
	Chief Financial Officer

[Consent, Reaffirmation and Release of Guarantors -- 
Fourth Amendment to Credit Agreement dated as of April 13, 2015]

Schedule 6.3 
Jurisdictions of Organization and Qualification	
					
	Geographic Location
	Subsidiary Name
	Doing Business as
	Year Incorporated
	Jurisdiction of Incorporation

	North America
	 
	 
	 

	United States
	Fastenal International Holdings Company
	Same
	1994
	Minnesota

	 
	Fastenal Company Purchasing
	Same
	1997
	Minnesota

	 
	Fastenal Company Leasing
	Same
	1997
	Minnesota

	 
	Fastenal IP Company
	Same
	2005
	Minnesota

	 
	Fastenal Air Fleet, LLC
	Same
	2006
	Minnesota

	 
	River Surplus and Supply, LLC
	Same
	2014
	Minnesota

	Canada
	Fastenal Canada, Ltd.
	Same
	2008
	Canada

	Mexico
	Fastenal Mexico Services S. de R.L. de C.V.
	Same
	1999
	Mexico

	 
	Fastenal Mexico S. de R.L. de C.V.
	Same
	1999
	Mexico

	Central & South America
	 
	 
	 

	Panama
	Fastenal Panama S.A.
	Same
	2009
	Panama

	 
	Fastenal Latin America, S.A.
	Same
	2011
	Panama

	Brazil
	Fastenal Brasil Importação, Exportação e Distribuição Ltda.
	Same
	2011
	Brazil

	 
	Fastenal Brasil Participacoes Ltda.
	Same
	2011
	Brazil

	 
	Fabrica Catarinense de Fixadores*
	Same
	2012
	Brazil

	Colombia
	Fastenal Colombia S.A.S.
	Same
	2012
	Colombia

	Chile
	Fastenal Chile SpA
	Same
	2013
	Chile

	Asia
	 
	 
	 
	 

	China
	Fastenal Asia Pacific Limited
	Same
	2003
	Hong Kong, China

	 
	FASTCO (Shanghai) Trading Co., Ltd.
	Same
	2003
	Shanghai, China

	 
	Fastenal (Shanghai) International Trading Co. Ltd.
	Same
	2012
	Shanghai, China

	 
	Fastenal (Tianjin) International Trading Co. Ltd.
	Same
	2012
	Tianjin, China

	 
	Fastenal (Shenzhen) International Trading Co. Ltd.
	Same
	2012
	Shenzhen, China

	India
	Fastenal India Sourcing, IT and Procurement Private Ltd.
	Same
	2013
	India

	 
	Fastenal India Wholesale Private Ltd.
	Same
	2013
	India

	Southeast Asia
	 
	 
	 

	Singapore
	Fastenal Singapore PTE Ltd.
	Same
	2001
	Singapore

	Malaysia
	Fastenal Malaysia SDN BHD
	Same
	2009
	Malaysia

	Thailand
	Fastenal (Thailand) Ltd.
	Same
	2012
	Thailand

	Europe
	 
	 
	 
	 

	Netherlands
	Fastenal Europe, B.V.
	Same
	2003
	The Netherlands

	Hungary
	Fastenal Europe, Kft.
	Same
	2009
	Hungary

	United K.
	Fastenal Europe, Ltd.
	Same
	2010
	United Kingdom

	Germany
	Fastenal Europe GmbH
	Same
	2011
	Germany

	Czech Rep.
	Fastenal Europe, s.r.o.
	Same
	2011
	Czech Republic

	Italy
	Fastenal Europe S.r.l.
	Same
	2011
	Italy

	Romania
	Fastenal Europe RO S.r.l.
	Same
	2012
	Romania

	Sweden
	Fastenal Europe AB
	Same
	2013
	Sweden

	Poland
	Fastenal Europe Sp. z o.o.
	Same
	2013
	Poland

	Africa
	 
	 
	 
	 

	South Africa
	Fastenal South Africa Trading and Distribution (PTY) LTD
	Same
	2013
	South Africa

* Note:  This is a 50% joint venture engaged in manufacturing.

EXHIBIT F
COMPLIANCE CERTIFICATE

To:                  Cindy Goplen
Wells Fargo Bank, National Association, as Administrative Agent

Date:_________________, 20___

Subject:_______________, 20___ Financial Statements

In accordance with our Credit Agreement dated as of December 13, 2012 (as heretofore and hereafter  amended, the “Credit Agreement”), attached are the financial statements of Fastenal Company (the  “Borrower”) and its Subsidiaries as of and for, ___________ 20__ (the Reporting Date”) and the year-to-date period then ended (the “Current Financials”) which are required to be delivered pursuant to Section 7.1 of the Credit Agreement.  All terms used in this certificate have the meanings given in the Credit Agreement.

I certify that the Current Financials have been prepared in accordance with GAAP, applied on a basis consistent with the accounting practices reflected in the annual financial statements of Borrower referred to in Section 7.1(a) of the Credit Agreement subject to year-end audit  adjustments  and  absence  of  footnotes,  and  present  fairly  in  all  material  respects  the financial condition of the Borrower and its Subsidiaries on a Consolidated and consolidating basis as of the date thereof.

Events of Default.  (Check one):

 ̈        The undersigned does not have knowledge of the occurrence of a Default or Event of Default under the Credit Agreement except as previously reported in writing to the Lender.

 ̈        The  undersigned  has  knowledge  of  the  occurrence  of  a  Default  or  Event  of Default under the Credit Agreement not previously reported in  writing to the Lender and attached hereto is a statement of the facts with respect to thereto.

Financial Covenants.  I further hereby certify as follows:

		
	1.
	Consolidated Total Leverage Ratio.  Pursuant to Section 8.10(a) of the Credit Agreement, as of the Reporting Date, the Consolidated Total Leverage Ratio of the Borrower and its Subsidiaries was ____to 1.00, which  ̈ satisfies  ̈ does not satisfy the requirement that such ratio be not more than 1.75 to 1.00 as of any fiscal quarter end.

		
	2.
	Minimum Consolidated EBITDA.  Pursuant to Section 8.10(b) of the Credit Agreement, as of the Reporting Date, the Consolidated EBITDA of the Borrower and its Subsidiaries was $_______________, which satisfies does not satisfy the requirement that Consolidated EBITDA be at least $400,000,000.00 for each fiscal quarter.

Attached hereto are all relevant facts in reasonable detail to evidence, and the computations of the financial covenants referred to above.  These computations were made in accordance with GAAP.

FASTENAL COMPANY

By:_________________________
[______________]
Its:[___________]

2

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