Document:

Document

Exhibit 10.15

Execution Version

THIRD AMENDMENT TO REVOLVING CREDIT AND GUARANTY AGREEMENT

        This THIRD AMENDMENT TO REVOLVING CREDIT AND GUARANTY AGREEMENT dated as of March 01, 2022 (this “Third Amendment”) to the Revolving Credit and Guaranty Agreement dated as of February 27, 2021 (as amended by that certain First Amendment, dated as of August 03, 2021, and as further amended by that certain Second Amendment, dated as of December 02, 2021, the “Credit Agreement”) among Coupang, Inc., a Delaware corporation (the “Borrower”), the Guarantors party thereto, each of the Lenders and Issuing Banks party thereto (collectively the “Lenders” and, individually, a “Lender”), and JPMorgan Chase Bank, N.A., as Administrative Agent.

        WHEREAS, the Borrower and the Required Lenders wish to amend the Credit Agreement as set forth herein as of the Third Amendment Effective Date (as defined below);

        WHEREAS, the Lenders party hereto are willing to make such amendments to the Credit Agreement, in accordance with the terms and conditions set forth herein. 

NOW, THEREFORE, the parties hereto hereby agree as follows:

Section 1.  Definitions.  Capitalized terms used in this Third Amendment and not otherwise defined are used herein as defined in the Credit Agreement (as amended hereby).
Section 2. Amendment of Credit Agreement.  Effective as of the Third Amendment Effective Date, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text), and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages attached as Annex A hereto.
Section 3.  Conditions Precedent to Effectiveness.  This Third Amendment shall become effective on the date upon which each of the following conditions is satisfied (the “Third Amendment Effective Date”):  
(a)Third Amendment.  This Third Amendment shall have been duly executed and delivered by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent.
(b)Fees and Expenses.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Third Amendment Effective Date, including, to the extent invoiced at least one Business Day prior to the Third Amendment Effective Date, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document.  
Section 4.  Representations and Warranties.  On and as of the Third Amendment Effective Date, the Borrower hereby represents and warrants to the Administrative Agent and each Lender party hereto, after giving effect to the amendments set forth in this Amendment, that: 
    (a)    The representations and warranties set forth in Article III of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case, such representations and warranties shall be true and correct in all respects)  on and as of the Third Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.
    (b)    No Default or Event of Default shall have occurred and be continuing under the Credit Agreement.
Section 5.Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect and is hereby in all respects ratified and confirmed.  On and after the Third Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” 
			
	

“hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Third Amendment.  The execution, delivery and effectiveness of this Third Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.  On and after the effectiveness of this Third Amendment, this Third Amendment shall for all purposes constitute a Loan Document.  This Third Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Third Amendment by signing any such counterpart.  Delivery of an executed counterpart by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  The provisions set forth in Sections 10.3 10.9, 10.10 of the Credit Agreement are hereby incorporated herein mutatis mutandis with all references to “this Agreement” therein being deemed references to this Third Amendment. This Third Amendment shall not constitute or effect a novation of the obligations of each Loan Party under the Credit Agreement and other Loan Documents.

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

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and a Lender

By: /s/ Peter B. Thauer                
Name:    Peter B. Thauer
Title:    Managing Director

[Signature Page to Third Amendment to Credit Agreement]
			
	

COUPANG, INC.,
as Borrower

By: /s/ Gaurav Anand                
                        Name:     Gaurav Anand
    Title:    Chief Financial Officer

[Signature Page to Third Amendment to Credit Agreement]
			
	

GOLDMAN SACHS LENDING PARTNERS LLC,
as a Lender and as an Issuing Bank

By: /s/ Dan Martis                
    Name:     Dan Martis
    Title:    Authorized Signatory

[Signature Page to Third Amendment to Credit Agreement]
			
	

Bank of America, N.A.,
as a Lender

By: /s/ Sieun Lee            
    Name:     Sieun Lee
    Title:    Vice President

[Signature Page to Third Amendment to Credit Agreement]
			
	

CITICORP NORTH AMERICA , INC.,
 as a Lender  and as an Issuing Bank

 By: /s/ Jeroen Fikke                
    Name:     Jeroen Fikke 
    Title:    Chairman & President

[Signature Page to Third Amendment to Credit Agreement]
			
	

 By its signature below, the undersigned hereby consents to the foregoing Second Amendment to the Credit Agreement and hereby confirms that all of its obligations under each Loan Document (as defined in the  Credit Agreement) shall continue unchanged and in full force and effect for the benefit of the Administrative Agent and the Lenders with respect to the Credit Agreement as amended by the Second Amendment.

COUPANG CORP.,
as a Guarantor

By: /s/ Han Seung Kang            
    Name:     Han Seung Kang
    Title:    Representative Director

COUPANG GLOBAL LLC,
as a Guarantor

By: /s/ Thuan Quang Pham        
    Name:     Thuan Quang Pham
    Title:    Chief Executive Officer

COUPANG USA, INC.,
as a Guarantor

By: /s/ Gaurav Anand            
    Name:     Gaurav Anand
    Title:    Treasurer

COUPANG ASIA HOLDINGS PTE. LTD.,
as a Guarantor

By: /s/ Harold Rogers            
    Name:     Harold Rogers
    Title:    Authorized Signatory

[Signature Page to Third Amendment to Credit Agreement]lacpex41toxdescriptionof

Exhibit 4.1  DESCRIPTION OF SECURITIES REGISTERED  UNDER SECTION 12 OF THE EXCHANGE ACT OF 1934  Lake Area Corn Processors, LLC (the “Company”) has one class of securities registered under Section 12(g) of the  Securities Exchange Act of 1934, as amended: The Class A Membership Units (the “Class A Units”).   The following summary of the terms of the Membership Units of the Company is not meant to be complete and is  qualified by reference to the relevant provisions of the South Dakota Uniform Limited Liability Company Act (the  “South Dakota LLC Act”) and the complete text of the Company’s Amended and Restated Operating Agreement, as  amended (the “Operating Agreement”). The Operating Agreement is exhibited to the Annual Report on Form 10-K,  of which this Exhibit 4.1 is a part.  Authorized Limited Liability Company Class A Units  An unlimited number of Class A Units are authorized. The number of such Class A Units to be issued to any additional  Member and any contribution for such Units shall be determined by the Board of Managers, who manage the Company  (the “Board of Managers”). A Class A Member must always own at least 5,000 Class A Units or the Class A Units  will be subject to redemption.   Description of Class A Units  Rights Attached to Units. Unless designated differently by the Board of Managers, each Class A Unit entitles the  holder to (1) vote on certain matters of the company and (2) to allocations of income, gain, receipt, loss, deduction  and credit and the right to distribution as provided in the Operating Agreement.  Voting Rights. Each Class A Unit entitles its holder to one vote on the following matters: (i) the merger or  consolidation of the Company with another business entity or the exchange of interests in the Company for interests  in another company; (ii) the sale, lease, exchange or other disposition of substantially all of the Company’s assets;  (iii) voluntary dissolution of the Company; (iv) the election and removal of individuals serving on the Board of  Managers; and (v) any matters referred to a vote of the Members by the Board of Managers. However, any Class A  Units owned by another limited liability company, corporation or other legal entity, the majority of which is owned  or controlled by the Company, shall not be voted, directly or indirectly, at any meeting, and shall not be counted in  determining the total Capital Units of a class at any given time.  Amendment to Governing Documents. An amendment to the Operating Agreement of the Company is exclusively  affected by an affirmative vote of the super majority (75%) of the disinterested Managers then sitting on the Board of  Managers.   Act of Members. 10% of the holders of Class A Units represented in person, by proxy or by written ballot shall  constitute a quorum at a meeting of the Members. The Members present at a duly organized meeting at which a quorum  is present may transact business until adjournment, notwithstanding the departure or withdrawal of enough members  to leave less than a quorum. The members may also take an action without a meeting by the written consent of the  members holding the voting power required to take such action at a duly called meeting at which all members were  present.   Dividend Rights. The Class A Units do not have any dividend rights.   Distribution Rights. Net Cash from the Operations for any fiscal year are distributed to the Members at least annually  in an amount sufficient to reduce the Company’s cumulative Net Cash from Operations to $200,000, unless otherwise  determined by a super majority (75%) vote of the Board of Managers. Further, Additional distributions, if any, may  be made by the Board of Managers as determined by them, in their sole discretion. Distributions are made to Members  ratably in proportion to their Ownership Percentages.   

 

Rights Upon Liquidation. Upon the winding up of the Company or the occurrence of a liquidation, the assets of the  Company will first be distributed to creditors (if any), including all fees due to the Members and Affiliates; second,  to account for reasonable reserves, (if any), deemed necessary by the Board of Managers to provide for any contingent  liabilities of the company; third, to the Members in proportion to the credit balances in their respective capital  accounts.   Redemption Rights. The Company has the right to redeem the Class A Units of any Member for the following reasons:  (a) an attempt to dispose of Class A Units in a manner not in conformity with the Operating Agreement; (b) failure of  a person who becomes a beneficial holder of Class A Units to comply with Section 4.1 of the Operating Agreement  and become a Member of the Company within 12 months following the date that Person became a beneficial holder  of the Capital Units; (c) failure of a “Person” (as defined in the Operating Agreement) who becomes the beneficial  holder of less than 5,000 Capital Units to acquire the minimum investment requirement of 5,000 Units within 240  days of becoming a holder of less than 5,000 Units; (d) breach of a Member’s Corn Delivery Agreement and failure  to cure the breach subsequent to giving written notice by the Company as provided therein; and (e) the Member  becomes a Bankrupt Member and the Company is not liable to sell its Capital Units within 240 days through the  “Capital Units Transfer System” (as defined in the Operating Agreement).  Other Rights. Common Units have no subscription, conversion, or preemptive rights and have no sinking fund  provision.   Election of Managers. Managers are elected by a plurality of the votes cast by the Members voting in the election,  with each Member having one vote per position and there is no cumulative voting.   Trading of Units. There is no public trading market for the Class A Units. The Class A Units may only be transferred  in accordance with the Capital Units Transfer System, which provides for transfers by gift to family members, upon  death, and through a qualified matching service, subject to approval by the Board of Managers. The qualified matching  service is operated through Variable Investment Advisors, Inc., a registered broker-dealer based in Sioux Falls, South  Dakota. Variable Investment Advisor's Alternative Trading System may be accessed at www.agstocktrade.com. The  matching service consists of an electronic bulletin board that provides information to prospective sellers and buyers  of the Class A Units. The Company does not receive any compensation relating to the matching service. The Company  has no role in effecting the transactions beyond approval, as required under the Operating Agreement, and the issuance  of new certificates. So long as the Company remains a publicly reporting company, information about the Company  will be publicly available through the SEC's filing system.  Transfer Restrictions. Restrictions on transfers are governed by Article 4 of the Operating Agreement which describes  the Company’s Capital Units Transfer System. The Capital Units Transfer System provides for transfers by gift to  family members, upon death, and through a qualified matching service, subject to approval by the Board of Managers.  Further, the Class A Units can be transferred through the qualified matching service operated through Variable  Investment Advisors, Inc.

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