Document:

asv-ex101_227.htm

EX10.1

FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT 

This FIRST AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT (this “First Amendment”) is entered into as of October 29, 2018, by and among ASV HOLDINGS, INC., a Delaware corporation (“ASV”, together with each Person joined to the Credit Agreement (as defined below) as a borrower from time to time, collectively, the “Borrowers” and each a “Borrower”; the Borrowers together with the Guarantors, collectively the “Loan Parties” and each a “Loan Party”), the financial institutions which are now or which hereafter become a party to the Credit Agreement as lenders  (collectively, the “Lenders” and each individually a “Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Administrative Agent”) with respect to the following:

PRELIMINARY STATEMENTS

	
A.
	
Borrowers, Lenders and Administrative Agent, previously entered into that certain Amended and Restated Revolving Credit, Term Loan and Security Agreement dated as of December 27, 2017 (as has been and may hereafter be amended, restated or otherwise modified from time to time, the “Credit Agreement”);

	
B.
	
Borrowers have requested that Administrative Agent and Lenders agree to amend certain provisions in the Credit Agreement and Administrative Agent and Lenders have agreed to such amendment, subject to the terms and conditions contained herein; and

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

1.Definitions.  Capitalized terms used in this First Amendment are as defined in the Credit Agreement, as amended hereby, unless otherwise stated.

2.Amendments to Credit Agreement.  Subject to and in accordance with the terms and conditions set forth herein, the parties hereto agree that as of the First Amendment Date:

	
A.
	
Definitions.   The following definitions contained in Section 1.2 of the Credit Agreement are hereby amended and restated as follows:

“Excess Cash Flow” shall mean, for any fiscal period, in each case for Borrowers on a Consolidated Basis, EBITDA, minus each of the following, to the extent actually paid in cash during such fiscal period, (i) Unfunded Capital Expenditures, (ii) taxes (net of refunds actually received in cash), (iii) dividends and distributions (to the extent expressly permitted under Section 7.7 of this Agreement), (iv) Debt Payments, and (v) amounts added back to EBITDA for the relevant period pursuant to clauses (f) through (i) of the definition thereof solely to the extent paid in cash during each such period.

			
	
 
	
 
	
 

 

“Fee Letter” shall mean collectively, (a) the amended and restated fee letter dated the Closing Date among Borrowers and Administrative Agent, and (b) the First Amendment fee Letter dated as of the First Amendment Date among Borrowers and Administrative Agent.

	
B.
	
Definitions.   Clause (a)(i) of the definition of EBITDA contained in Section 1.2 of the Credit Agreement is hereby amended and restated as follows:

(i)    extraordinary gains and losses in an amount not to exceed $1,000,000 for any trailing twelve (12) month period

	
C.
	
New Definitions.  The following definition is hereby added to Section 1.2 of the Credit Agreement in the appropriate alphabetical sequence:

	

	
“First Amendment Date” shall mean October 29, 2018. 

	
D.
	
Sublimits.  Section 2.1(b)(i) of the Credit Agreement is hereby amended and restated as follows:

	
 
	
(i)
	
Eligible Insured Foreign Receivables owing from C.E.G. Distributions Pty Limited shall not exceed $7,000,000 in the aggregate, at any time outstanding,

	
D.
	
Leverage Ratio.   Section 6.5(b) of the Credit Agreement is hereby amended and restated as follows:

(b)Leverage Ratio.  Maintain as of the end of each fiscal quarter, a ratio (the “Leverage Ratio”) of Funded Debt, calculated as of such date, to EBITDA, measured for the period of four fiscal quarters then ended, of not greater than the ratios set forth below for the applicable fiscal quarter then ending:

		
	
Fiscal Quarter Ending
	
Maximum Leverage Ratio

	
September 30, 2018
	
4.00

	
December 31, 2018
	
4.00

	
March 31, 2019
	
3.75

	
June 30, 2019
	
3.50

	
September 30, 2019
	
3.00

	
December 31, 2019
	
2.75

	
March 31, 2020
	
2.75

	
June 30, 2020
	
2.50

			
	
 
	
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September 30, 2020 and each fiscal quarter thereafter
	
2.25

 

3.Conditions to Effectiveness.  The effectiveness of this First Amendment is subject to the satisfaction of the following conditions precedent, unless specifically waived in writing by Agents:

(a)Administrative Agent shall have received this First Amendment duly executed by Borrowers, the other Loan Parties, Lenders and Administrative Agent; and

(b)no Default or Event of Default shall have occurred and be continuing; and 

(c)Borrower shall pay all fees and expenses set forth in that certain first amendment fee letter executed on the date hereof. 

4.Post Closing Covenants.  

(a)Within thirty (30) days of the date hereof (or such later date agreed to be Administrative Agent in its Permitted Discretion), Borrowers shall deliver to Administrative Agent, a Lien Waiver Agreement with respect to 1104 SE 8th Street, Grand Rapids, MN. 

(b)Within thirty (60) days of the date hereof (or such later date agreed to by Administrative Agent in its Permitted Discretion), Borrowers shall deliver to Administrative Agent, a security agreement with respect to Borrowers’ equipment located at 5195 Richard Street, Drummondville, Quebec, Canada, which security agreement shall be valid and enforceable under Quebec law.

5.Ratifications.  Except as expressly modified and superseded by this First Amendment, the terms and provisions of the Credit Agreement and the Other Documents are ratified and confirmed and shall continue in full force and effect.  Loan Parties hereby agree that all liens and security interests securing payment of the Obligations under the Credit Agreement (as amended hereby) are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations.  Borrowers, the other Loan Parties, Lenders and Administrative Agent agree that the Credit Agreement and the Other Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity.

6.Representations and Warranties with respect to Other Documents.  Each of the Loan Parties hereby represents and warrants to Administrative Agent and Lenders as follows:  (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this First Amendment and all Other Documents executed and/or delivered in connection herewith are within its company powers, have been duly authorized, and do not contravene (i) its Organizational Documents, or (ii) any applicable law; (c) no Consent of any Governmental Body or other Person is required in 

			
	
 
	
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connection with the execution, delivery, performance, validity or enforceability of this First Amendment, except as has been obtained; (d) this First Amendment and all Other Documents executed and/or delivered in connection herewith have been duly executed and delivered by it; (e) this First Amendment and all Other Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation of such Person enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; (f) no Default or Event of Default has occurred and is continuing or would immediately thereafter result by the execution, delivery or performance of this First Amendment; (g) the representations and warranties contained in the Credit Agreement and the Other Documents are true and correct in all material respects (except to the extent already qualified by materiality in which case such representation and warranties shall be true and correct in all respects) on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified date); and (h) ASV has not amended its Organizational Documents in a manner that would constitute a Default or Event of Default.

7.Survival of Representations and Warranties.  All representations and warranties made in the Credit Agreement or the Other Documents, including, without limitation, any document furnished in connection with this First Amendment, shall survive the execution and delivery of this First Amendment and the Other Documents.

8.Reference to Credit Agreement.  Each of the Credit Agreement and the Other Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such Other Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.

9.Expenses of Administrative Agent and Lenders.  Borrowers agree to pay on demand all reasonable out-of-pocket costs and expenses actually incurred by Administrative Agent and Lenders in connection with the preparation, negotiation, execution and closing of the First Amendment, any and all amendments, modifications and supplements thereto and any Other Documents in connection therewith, including, without limitation, the costs and fees of Administrative Agent’s and Lenders’ legal counsel and financial advisors.

10.Severability.  If any part of this First Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.

11.Successors and Assigns.  This First Amendment is binding upon and shall inure to the benefit of Administrative Agent, Lenders and Loan Parties and their respective successors and assigns, except that no Loan Party may assign or transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent.

			
	
 
	
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12.Counterparts.  This First Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.  Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to be an original signature hereto.

13.Effect of Waiver.  No consent or waiver, express or implied, by Lenders or Administrative Agent to or for any breach of or deviation from any covenant or condition by Borrowers or any other Loan Party shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty.

14.Headings.  The headings, captions, and arrangements used in this First Amendment are for convenience only, are not a part of this First Amendment, and shall not affect the interpretation hereof.

15.Governing Law; Judicial Reference.  Sections 12.1 through 12.3 and Section 16.1 of the Credit Agreement are incorporated herein by reference and are fully applicable to this First Amendment.

16.Final Agreement.  THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS FIRST AMENDMENT IS EXECUTED.  THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.  NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS FIRST AMENDMENT SHALL BE MADE, EXCEPT IN ACCORDANCE WITH SECTION 16.2 OF THE CREDIT AGREEMENT.

17.Acknowledgements and Agreements.  Each of the Loan Parties hereby acknowledge and agree that:  (a) none has any  defenses, claims or set-offs to the enforcement by Administrative Agent or any Lender of the Obligations on the date hereof and on the date of execution hereof; (b) to their knowledge, Administrative Agent and Lenders have fully performed all undertakings and obligations owed to them as of the date hereof and on the date of execution hereof; and (c) except to the limited extent expressly set forth in this First Amendment, Administrative Agent and Lenders do not waive, diminish or limit any term or condition contained in the Credit Agreement or any of the Other Documents.

 [remainder of page intentionally left blank; signature pages follow]

 

			
	
 
	
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IN WITNESS WHEREOF, the parties have executed and delivered this First Amendment as of the day and year first written above.

	
 
	
ASV HOLDINGS, INC. 

By: /s/ Melissa How
Name: Melissa How
Title: Chief Financial Officer

 

 

	
 
	
PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, a Revolving Lender and a Term Loan Lender

By: /s/ Timothy Canon _______________
Name: Timothy Canon
Title: Vice President

	
 
	
STEEL CITY CAPITAL FUNDING, a division of PNC Bank, National Association, as a Term Loan Lender

By: /s/ Jesse Xu _____________________
Name: Jesse Xu
Title: Vice PresidentExhibit

	
					
	FORM CD-451                                          U.S. DEPARTMENT OF COMMERCE
(REV. 12-14)
AMENDMENT TO FINANCIAL ASSISTANCE AWARD
	

GRANT   X   COOPERATIVE AGREEMENT

	AWARD NUMBER
NCR-92-18742

	CFDA NO. AND NAME
11.- National Telecommunications and Information Administration

	PROJECT TITLE

	RECIPIENT NAME
VeriSign, Inc.
	AMENDMENT NUMBER
35

	STREET ADDRESS
12061 Bluemont Way
	EFFECTIVE DATE
October 26, 2018

	CITY, STATE ZIP

Reston, Virginia 20190-5684
	EXTEND PERIOD OF PERFORMANCE TO
(IF APPLICABLE)
November 30, 2024

	COSTS ARE REVISED AS FOLLOWS:
	PREVIOUS ESTIMATED COST
	ADD
	DEDUCT
	TOTAL ESTIMATED COST

	FEDERAL SHARE OF COST
	

$0.00
	$0.00
	$0.00
	

$0.00

	RECIPIENT SHARE OF COST
	$0.00
	$0.00
	$0.00
	

$0.00

	TOTAL ESTIMATED COST
	$0.00
	$0.00
	$0.00
	

$0.00

	REASON(S) FOR AMENDMENT
The Department and Verisign have mutually agreed to certain modifications to the Cooperative Agreement as set forth in the Special Award Condition. Except as modified by this Amendment, the terms and conditions of the Cooperative Agreement, as previously amended, remain unchanged.

	This Amendment Document (Form CD-451) signed by the Grants Officer constitutes an Amendment of the above- referenced Award, which may include an obligation of Federal funding. By signing this Form CD-451, the Recipient agrees to comply with the Amendment provisions checked below and attached, as well as previous provisions incorporated into the Award. If not signed and returned without modification by the Recipient within 30 days of receipt, the Grants Officer may unilaterally withdraw this Amendment offer and de-obligate any associated funds.

X SPECIAL AWARD CONDITIONS 
LINE ITEM BUDGET
OTHER(S)

	SIGNATURE OF DEPARTMENT OF COMMERCE GRANTS OFFICER
/s/ Scott McNichol

	DATE
10/26/2018

	TYPED NAME, TYPED TITLE, AND SIGNATURE OF AUTHORIZED RECIPIENT OFFICIAL
/s/ D. James Bidzos
D. James Bidzos, CEO
	DATE
10/26/2018

Award Number: NCR 92-18742
Federal Program Officer: Vernita Harris
Employee Identification Number: 943221585
Dun & Bradstreet No.:    883894040

Award ACCS Information

Award Contact Information
	
				
	Contact Name
	Contact Type
	Email
	Phone

	Thomas C. Idelicarto
	Administrative
	tindelicarto@verisign.com
	 

	
					
	NIST Grants Officer:
	 
	NIST Grants Specialist:

	Dean Iwasaki
	 
	Nuria Martinez

	100 Bureau Drive, MS 1650
	 
	100 Bureau Drive, MS 1650

	Gaithersburg, MD 20899-1650
	 
	Gaithersburg, MD 20899-1650

	(301) 975-8449
	 
	(301) 975-6215

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

Special Award Conditions NCR-92-18742 
Amendment Thirty-Five (35)

WHEREAS, pursuant to Amendment 34, the Department has reviewed whether to extend the term of the Cooperative Agreement and has determined that it is in the public interest to extend the Cooperative Agreement on the terms set forth herein;
WHEREAS, the parties agree that Verisign shall continue to operate the .com registry in a content neutral manner and will participate in ICANN processes that promote the development of content neutral policies for the operation of the Domain Name System (DNS);
WHEREAS, the Department finds that ccTLDs, new gTLDs, and the use of social media have created a more dynamic DNS marketplace;
WHEREAS, given the more dynamic DNS marketplace, the Department has determined that it is appropriate to amend the Cooperative Agreement to provide pricing flexibility for the registration and renewal of domain names in the .com registry;
WHEREAS, the parties have agreed to clarify that it was, and remains, the intention of the parties that the vertical integration restriction on Verisign’s ability to own a registrar apply only to the .com registry and not to the other services offered by Verisign;
WHEREAS, the Department has reviewed the regulatory oversight necessary to ensure the security, stability and resiliency of the .com registry and to ensure that .com domain name registrations are offered at reasonable prices, terms and conditions;
WHEREAS, given this regulatory review, the Department has determined it is appropriate to remove certain unnecessary and burdensome regulations while still maintaining sufficient oversight by retaining the Department’s approval authority for changes to the .com Registry Agreement for the following critical terms of the .com Registry Agreement: pricing; vertical integration; renewal or termination; functional and performance specifications; and the Whois Service;
THEREFORE, Verisign and the Department agree as follows:

		
	1.
	Content Neutral Operations. The parties agree that Verisign will operate the .com registry in a content neutral manner and that Verisign will participate in ICANN processes that promote the development of content neutral policies for the operation of the DNS.

		
	2.
	Pricing Flexibility. In recognition that ccTLDs, new gTLDs, and the use of social media have created a more dynamic DNS marketplace, the parties agree that the yearly price for the registration and renewal of domain names in the .com registry may be changed in accordance with the following:

		
	a.
	Without further approval by the Department, at any time following the Effective Date of this Amendment 35, Verisign and ICANN may agree to amend Section 7.3(d)(i) (Maximum Price) of the .com Registry Agreement to permit Verisign in each of the last four years of every six year period, beginning two years from the Effective Date of this Amendment 35 (i.e., on or after the anniversary of the Effective Date of this Amendment 35 in 2020- 2023, 2026-2029, and so on) to increase the Maximum Price charged by Verisign for each yearly registration or renewal of a .com domain name up to seven percent over the highest Maximum Price charged in the previous calendar year.

		
	b.
	Section 2 of Amendment 32 which implemented the prior pricing restrictions is hereby deleted.

		
	3.
	Vertical Integration. The parties hereby clarify that the restrictions on Verisign’s ownership of any ICANN-accredited registrar(s) were, and remain, intended to apply solely to the .com registry and therefore Verisign and ICANN may agree to amend the .com Registry Agreement to clarify its terms in accordance with the following:

		
	a.
	Without further approval by the Department, at any time following the Effective Date of this Amendment 35, Verisign and ICANN may amend Section 7.1(c) (Restrictions on Acquisition of Ownership or Controlling Interest in Registrar) of the .com Registry Agreement to provide that the ownership restriction therein relates solely to the .com TLD and does not prevent Verisign from owning a registrar except as to .com.

		
	4.
	Continued Department Oversight. The Department has determined it is appropriate to remove certain unnecessary and burdensome regulations while still maintaining sufficient oversight by retaining the Department’s approval authority for certain changes to the .com Registry Agreement in accordance with the following:

		
	a.
	Department approval was previously required for changes to certain terms of the .com Registry Agreement defined as “Designated Terms” under Section 1.B.2.A(ii) of Amendment 19, as amended by Section 2 of Amendment 30

which is hereby deleted in its entirety, as well as, all references to “Designated Terms” in Amendment 30.

		
	b.
	The parties agree that the following terms are the sole terms in the .com Registry Agreement that require the prior written approval of the Department:

		
	i.
	Removal of the Maximum Price restriction under Section 7.3(d)(i) (Maximum Price) of the .com Registry Agreement, which by way of clarification will continue to be subject to Section 3(a) of Amendment 32 setting forth the standard and process for removal;

		
	ii.
	Any change to Section 7.3(d) of the .com Registry Agreement which sets forth the Maximum Price restrictions (other than as agreed as set forth in Section 2 (Pricing Flexibility) in this Amendment 35);

		
	iii.
	Any change to Section 7.1(b) (Registry Operator Shall Not Act as Own Registrar) and 7.1(c) (Restrictions on Acquisition of Ownership or Controlling Interest in Registrar) of the .com Registry Agreement, which set forth the vertical integration restrictions on Verisign owning or acting as a registrar, respectively (other than as agreed as set forth in Section 3 of this Amendment 35);

		
	iv.
	Any changes to the security, stability and resiliency posture of the

.com TLD as reflected in the functional and performance specifications under Section 3.1(d)(ii) or Appendix 7 (Functional and Performance Specifications) of the .com Registry Agreement;
		
	v.
	Any change to the conditions for renewal or termination under Sections 4.2 (Renewal), 4.3 (Failure to Perform in Good Faith) or 6.1 (Termination by ICANN) of the .com Registry Agreement;

		
	vi.
	Any changes to the Whois Service under Sections 3.1(c)(v) (Whois Service) or Appendix 5 (Whois Specification), except as such changes are mandated by ICANN through Temporary or Consensus Policies.

		
	c.
	The Department’s approval of any amendment to the .com Registry Agreement, or the renewal, extension, continuation or substitution of the

.com Registry Agreement, shall not be required unless Verisign seeks to change a term identified in Section 4(b)(i)-(vi) of this Amendment 35, except as already approved under Sections 2 and 3 of this Amendment 35.

		
	d.
	Upon application by Verisign for approval of such change or changes identified in Section 4(b) of this Amendment 35, the Department shall

consult with Verisign in any evaluation of its application. The Department shall issue a written decision explaining its reasons for granting or denying, in whole or in part, such application within ninety (90) days after submission of its application, or within 90 days after receipt of any additional materials requested by the Department to evaluate the application, whichever date is later. If the Department determines that additional time is needed to complete its review, then the parties shall agree to an extension of time for six months or such other reasonable time as the Department and Verisign may agree. After receiving any written notice of failure to approve, Verisign shall be entitled to confer with the Department. After conferring with the Department, Verisign may propose for the Department’s approval one or more new or revised proposals. The Department’s review of an initial application or new or revised proposals shall: (x) for applications to change pursuant to Section 4(b)(i) above, be in accordance with the standard set forth in Amendment 32, Section 3(a); (y) for applications to make any other changes as set forth in Sections 4(b)(ii)-(vi) above, be made by determining whether such change or changes are reasonably necessary to promote the public interest in consideration with the business necessity of the requested change. Any review and approval by the Department of any request under this Section shall not be unreasonably withheld. The Department’s pending approval for any change to the .com Registry Agreement under Section 4 of this Amendment 35 shall not prevent Verisign and ICANN from entering into an amendment to the .com Registry Agreement, for its renewal, extension, continuation or substitution, without such change.

		
	5.
	Miscellaneous. The following provisions are intended to ensure that the parties’ intent in this Amendment 35 is reflected consistently throughout the Cooperative Agreement.

		
	a.
	As the parties have agreed to the standard of review for any proposed changes to the .com Registry Agreement requiring the Department’s approval in Sections 4(b)(i) and 4(d) of this Amendment 35, the parties hereby delete the last sentence of Section I.B.2.A(iii) of Amendment 19, as amended by Section 2 of Amendment 30 that set forth the conflicting standard of approval being in the Department’s sole discretion.

		
	b.
	As the parties have agreed to the timeframe for review of any proposed changes to the .com Registry Agreement in Section 4(b) of this Amendment

35, the parties hereby delete Section 3(b) of Amendment 32, which set forth the timeframes for evaluation of an application to remove pricing restrictions.

		
	c.
	As the parties have identified the sole terms in the .com Registry Agreement that require the Department’s prior written approval, the parties hereby revise Section 1.B.2.A(iv) of Amendment 19, as amended by Section 2 of Amendment 30, to apply solely to those terms identified in Section 4(b) of this Amendment 35.

		
	d.
	As the parties have addressed the renewal of the .com Registry Agreement and because the Department’s recognition of ICANN is no longer relevant, Section 1.B.9(ii) and (iii) of Amendment 19, as amended by Section 3 of Amendment 30, are hereby deleted.

		
	6.
	Expiration Date.

		
	a.
	Section 1.B.10 of Amendment 19, Expiration Date, as amended by Section 4 of Amendment 32 is amended as follows:

“The current term of the Cooperative Agreement shall continue through November 30, 2024, and shall automatically renew for six-year terms, unless the Department provides Verisign with written notice of non-renewal within one hundred twenty days (120) prior to the end of the then current term (“Expiration Date”).  Notwithstanding anything in the Cooperative Agreement to the contrary, the Department and Verisign agree that: (i) upon expiration or termination of the Cooperative Agreement, neither party shall have any further obligation to the other and nothing shall prevent Verisign from operating the .com TLD pursuant to an agreement with ICANN or its successor; and (ii) neither party may amend the Cooperative Agreement without the mutual written agreement of the other.”
		
	b.
	Section 2 of Amendment 34 is hereby deleted.

		
	7.
	Antitrust Immunity. The Department’s approval of this Amendment 35 is not intended to confer federal antitrust immunity on Verisign with respect to the .com Registry Agreement.

		
	8.
	No Other Amendment. Except as modified by this Amendment 35, the terms and conditions of this Cooperative Agreement, as previously amended, remain unchanged.

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