Document:

EX-10.1

Exhibit 10.1

AMENDMENT NO. 5 TO

SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

This Amendment No. 5 to Second Amended and Restated Receivables Purchase Agreement (this
“Amendment”) is dated as of August 22, 2013, among Avnet Receivables Corporation, a
Delaware corporation (“Seller”), Avnet, Inc., a New York corporation (“Avnet”), as
initial Servicer (the Servicer together with Seller, the “Seller Parties” and each a
“Seller Party”), each of the entities party hereto identified as a “Financial Institution”
(together with any of their respective successors and assigns hereunder, the “Financial
Institutions”), each of the entities party hereto identified as a “Company” (together with any
of their respective successors and assigns hereunder, the “Companies”) and JPMorgan Chase
Bank, N.A. (successor by merger to Bank One, NA (Main Office Chicago)), as agent for the Purchasers
or any successor agent hereunder (together with its successors and assigns hereunder, the
“Agent”), amending the Second Amended and Restated Receivables Purchase Agreement, dated as
of August 26, 2010, as amended by Amendment No. 1 thereto, dated as of December 28, 2010, Amendment
No. 2 thereto, dated as of August 25, 2011, Amendment No. 3 thereto, dated as of March 7, 2012, and
Amendment No. 4 thereto, dated as of August 23, 2012, each among the Seller Parties, the Financial
Institutions party thereto, the Companies party thereto, and the Agent (the “Original
Agreement,” and as further amended, modified or supplemented from time to time, the
“Receivables Purchase Agreement”).

RECITALS

The parties hereto are the current parties to the Original Agreement and they now desire to
amend the Original Agreement, subject to the terms and conditions hereof, as more particularly
described herein.

AGREEMENT

NOW, THEREFORE, in consideration of the premises, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

Section 1. Definitions Used Herein. Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth for such terms in, or incorporated by
reference into, the Original Agreement.

Section 2. Amendment. Subject to the terms and conditions set forth herein, the
Original Agreement is hereby amended as follows:

(a) The sixth paragraph of the Preliminary Statements to the Original Agreement is hereby
deleted in its entirety and replaced with the following:

“Pursuant to assignment agreements entered into on January 4, 2012, CA and the
CA Company each ceased to be parties to this Agreement and PNC Bank, National
Association (“PNC”) became party to this Agreement as a Financial
Institution and Market Street Funding LLC became party to this Agreement as a
Company. Market Street Funding LLC subsequently assigned all of its rights and
obligations as a Company hereunder to PNC Bank, National Association (in its
capacity as a Company, the “PNC Company”).”

(b) Section 13.7(b) of the Original Agreement is hereby deleted in its entirety and replaced
with the following:

“(b) Notwithstanding any provisions contained in this Agreement to the
contrary, no Company that funds its purchase of Purchaser Interests through the
issuance of Commercial Paper shall, nor shall be obligated to, pay any amount
pursuant to this Agreement unless (i) such Company has received funds which may be
used to make such payment and which funds are not required to repay its Commercial
Paper when due and (ii) after giving effect to such payment, either (x) such Company
could issue Commercial Paper to refinance all of its outstanding Commercial Paper
(assuming such outstanding Commercial Paper matured at such time) in accordance with
the program documents governing such Company’s securitization program or (y) all of
such Company’s Commercial Paper is paid in full. Any amount which such Company does
not pay pursuant to the operation of the preceding sentence shall not constitute a
claim (as defined in §101 of the Federal Bankruptcy Code) against or corporate
obligation of such Company for any such insufficiency unless and until such Company
satisfies the provisions of clauses (i) and (ii) above. This paragraph (b) shall
survive the termination of this Agreement.”

(c) The definition of “Dilution Horizon Factor” in Exhibit I to the Original agreement is
hereby amended by deleting the reference to “two fiscal month period” in clause (i) of such
definition and replacing it with “three fiscal month period”.

(d) The definition of “Dilution Percentage” in Exhibit I to the Original Agreement is hereby
amended by:

(i) deleting the reference to “15%” in clause (i) of such definition and replacing it with
“10%”; and

(ii) deleting the reference to “two-month Dilution Ratio” in the formula definition of “HDR”
and replacing it with “three-month Dilution Ratio”.

(e) The definition of “Dilution Ratio” in Exhibit I to the Original Agreement is hereby
amended by deleting the reference to “two months prior” in clause (ii) of such definition and
replacing it with “three months prior”.

(f) The definition of “Dilution Ratio Trigger” in Exhibit I to the Original Agreement is
hereby amended by deleting the reference to “two months prior” in clause (ii) of such definition
and replacing it with “three months prior”.

(g) The definition of “Liquidity Termination Date” in Exhibit I to the Original Agreement is
hereby deleted in its entirety and replaced with the following:

““Liquidity Termination Date” means August 21, 2014.”

(h) Schedule A to the Original Agreement is hereby deleted in its entirety and replaced with
Schedule A attached hereto.

(i) Paragraph a of the definition of “Company Costs” in Schedule C to the Original Agreement
is hereby deleted in its entirety and replaced with the following:

“a. For any Purchaser Interest purchased by the Bank One Company, for any day,
an amount equal to (i) the product of (A) the Daily/90 Day LIBOR Rate in respect of
such day, and (B) the aggregate Capital associated with each Purchaser Interest that
shall have been funded by the Bank One Company with the issuance of Commercial
Paper, divided by (ii) 360. “Daily/90 Day LIBOR Rate” shall mean, for any
day, a rate per annum equal to the ninety (90) day London-Interbank Offered Rate
appearing on the Bloomberg BBAM (British Bankers Association) Page (or on any
successor or substitute page of such service, providing rate quotations comparable
to those currently provided on such page of such service, as determined by the Agent
from time to time in accordance with its customary practices for purposes of
providing quotations of interest rates applicable to U.S. Dollar deposits in the
London interbank market) at approximately 11:00 a.m. (London time) on such day or,
if such day is not a Business Day in London, the immediately preceding Business Day
in London. In the event that such rate is not available on any day at such time for
any reason, then the “Daily/90 Day LIBOR Rate” for such day shall be the rate at
which ninety (90) day U.S. Dollar deposits of $5,000,000 are offered by the
principal London office of the Agent in immediately available funds in the London
interbank market at approximately 11:00 a.m. (London time) on such day; and if the
Agent is for any reason unable to determine the Daily/90 Day LIBOR Rate in the
foregoing manner or has determined in good faith that the Daily/90 Day LIBOR Rate
determined in such manner does not accurately reflect the cost of acquiring, funding
or maintaining a Purchaser Interest, the Daily/90 Day LIBOR Rate for such day shall
be the Alternative Base Rate.”

(j) Paragraph f of the definition of “Company Costs” in Schedule C to the Original Agreement
is hereby deleted in its entirety and replaced with the following:

“f. For any Purchaser Interest purchased by the PNC Company, for any day, an
amount equal to (i) the product of (A) the Daily/30 Day LIBOR Rate in respect of
such day, and (B) the aggregate Capital associated with each Purchaser Interest that
shall have been funded by the PNC Company, divided by (ii) 360. “Daily/30 Day LIBOR
Rate” shall mean, for any day, a rate per annum equal to the one-month Eurodollar
rate for U.S. dollar deposits as reported on the Reuters Screen LIBOR01 Page or any
other page that may replace such page from time to time for the purpose of
displaying offered rates of leading banks for London interbank deposits in United
States dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a
Business Day, then the immediately preceding Business Day (or if not so reported,
then as determined by PNC from another recognized source for interbank quotation),
in each case, changing when and as such rate changes.”

Section 3. Waiver. The Agent and each Financial Institution hereby waive their right
to receive an Extension Notice in connection with the extension of the Liquidity Termination Date
contemplated by this Amendment and hereby consent to the proposed extension of the Liquidity
Termination Date as set forth herein.

Section 4. Conditions to Effectiveness of Amendment. This Amendment shall become
effective as of the date hereof, upon the satisfaction of the conditions precedent that:

(a) Amendment. The Agent and each Seller Party shall have received, on or before the
date hereof, executed counterparts of this Amendment, duly executed by each of the parties hereto.

(b) Assignment Agreement. The Agent and each Seller Party shall have received, on or
before the date hereof, executed counterparts of the Assignment and Assumption Agreement, dated the
date hereof, by and among Market Street Funding LLC, PNC Bank, National Association and the Seller
Parties.

(c) Fee Letter. The Agent and each Seller Party shall have received, on or before the
date hereof, executed counterparts of the Fee Letter, dated the date hereof (the “Fee
Letter”), duly executed by the Agent, the Financial Institutions, the Companies, SMBC Nikko
Securities America, Inc., as agent for the SMBC Company, the Seller, and Market Street Funding LLC.

(d) Representations and Warranties. As of the date hereof, both before and after
giving effect to this Amendment, all of the representations and warranties of each Seller Party
contained in the Original Agreement and in each other Transaction Document shall be true and
correct in all material respects as though made on the date hereof (and by its execution hereof,
each Seller Party shall be deemed to have represented and warranted such); it being understood that
any specific occurrence or occurrences constituting breaches of any representation or warranty, to
the extent waived in writing by the Financial Institutions and the Companies, ceased to constitute
any such breach (solely with respect to such specific occurrence or occurrences) from and after the
date of such waiver.

(e) No Amortization Event or Potential Amortization Event. As of the date hereof,
both before and after giving effect to this Amendment, no Amortization Event or Potential
Amortization Event shall have occurred and be continuing (and by its execution hereof, each Seller
Party shall be deemed to have represented and warranted such); it being understood that any
specific occurrence or occurrences constituting Amortization Events or Potential Amortization
Events, to the extent waived in writing by the Financial Institutions and the Companies, ceased to
constitute Amortization Events or Potential Amortization Events (solely with respect to such
specific occurrence or occurrences) from and after the date of such waiver.

(f) Renewal Fee. The Seller shall have paid, by wire transfer of immediately
available funds, the Renewal Fee as defined in and in accordance with the Fee Letter.

Section 5. Miscellaneous.

(a) Effect; Ratification. The amendment set forth herein is effective solely for the
purposes set forth herein and shall be limited precisely as written, and shall not be deemed (i) to
be a consent to, or an acknowledgment of, any amendment, waiver or modification of any other term
or condition of the Original Agreement or of any other instrument or agreement referred to therein
or (ii) to prejudice any right or remedy which the Agent, any Company or Financial Institution (or
any of their respective assigns) may now have or may have in the future under or in connection with
the Receivables Purchase Agreement, as amended hereby, or any other instrument or agreement
referred to therein. Each reference in the Receivables Purchase Agreement to “this Agreement,”
“herein,” “hereof” and words of like import and each reference in the other Transaction Documents
to the Original Agreement or to the “Receivables Purchase Agreement” shall mean the Original
Agreement as amended hereby. This Amendment shall be construed in connection with and as part of
the Receivables Purchase Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Receivables Purchase Agreement and each other instrument
or agreement referred to therein, except as herein amended, are hereby ratified and confirmed and
shall remain in full force and effect.

(b) Transaction Documents. This Amendment is a Transaction Document executed pursuant
to the Receivables Purchase Agreement and shall be construed, administered and applied in
accordance with the terms and provisions thereof.

(c) Costs, Fees and Expenses. Seller agrees to reimburse the Agent and each Purchaser
and its assigns upon demand for all reasonable and documented out-of-pocket costs, fees and
expenses in connection with the preparation, execution and delivery of this Amendment (including
the reasonable fees and expenses of counsel to the Agent).

(d) Counterparts. This Amendment may be executed in any number of counterparts, each
such counterpart constituting an original and all of which when taken together shall constitute one
and the same instrument.

(e) Severability. Any provision contained in this Amendment which is held to be
inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment
in that jurisdiction or the operation, enforceability or validity of such provision in any other
jurisdiction.

(f) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT
WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

(g) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, ANY
DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their respective duly authorized officers as of the date first written above.

AVNET RECEIVABLES CORPORATION,

as Seller

By:

Name: Kevin Moriarty

Title: President

AVNET, INC., as Servicer

By:

Name: Erin Lewin

Title: Senior Vice President and General Counsel

1

	 	 	 
	 	 	CHARIOT FUNDING LLC,

as a Company

By:JPMorgan Chase Bank, N.A.,

its Attorney-in-Fact

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	Commitment: $153,000,000
	 	JPMORGAN CHASE BANK, N.A.,

	 
	 	

	as a Financial Institution and as Agent
	 	

By:

	 	 	 

	 	 	Name:

	 	 	Title:

2

	 	 	 
	 	 	LIBERTY STREET FUNDING LLC,

as a Company

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	Commitment: $153,000,000
	 	THE BANK OF NOVA SCOTIA,

	 
	 	

	as a Financial Institution
	 	

By:

	 	 	 

	 	 	Name:

	 	 	Title:

3

	 	 	 
	 	 	VICTORY RECEIVABLES CORPORATION,

as a Company

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	Commitment: $127,500,000

NEW YORK BRANCH, as a Financial Institutio
	 	THE BANK OF TOKYO-MITSUBISHI UFJ,

LTD.,

n

By:

	 	 	 

	 	 	Name:

	 	 	Title:

4

	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,

as a Company

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	Commitment: $125,000,000
	 	PNC BANK, NATIONAL ASSOCIATION,

	 
	 	

	as a Financial Institution
	 	

By:

	 	 	 

Name:

Title:

5

BANK OF AMERICA, NATIONAL ASSOCIATION, as a Company

By:

Name:

Title:

	 	 	 
	Commitment: $125,000,000

	 	BANK OF AMERICA, NATIONAL ASSOCIATION, as a

Financial Institution

By:

	 	 	 

	 	 	Name:

	 	 	Title:

6

	 	 	 
	 	 	MANHATTAN ASSET FUNDING

COMPANY LLC, as a Company

	 	 	By: MAF Receivables Corp., its member

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	 	 	SMBC NIKKO SECURITIES AMERICA, INC.,

as agent for the SMBC Company

By:

	 	 	 

	 	 	Name:

	 	 	Title:

	Commitment: $127,500,000

	 	SUMITOMO MITSUI BANKING CORPORATION, as a Financial

Institution

By:

	 	 	 

Name:

Title:

SCHEDULE A

COMMITMENTS, COMPANY PURCHASE LIMITS

AND RELATED FINANCIAL INSTITUTIONS

Commitments of Financial Institutions

	 	 	 	 	 
	Financial Institution
	 	Commitment
	 
	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	$	153,000,000	 
	 
	 	 	 	 
	The Bank of Nova Scotia
	 	$	153,000,000	 
	 
	 	 	 	 
	The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch
	 	$	127,500,000	 
	 
	 	 	 	 
	PNC Bank, National Association
	 	$	125,000,000	 
	 
	 	 	 	 
	Bank of America, National Association
	 	$	125,000,000	 
	 
	 	 	 	 
	Sumitomo Mitsui Banking Corporation
	 	$	127,500,000	 
	 
	 	 	 	 

Company Purchase Limits and

Related Financial Institutions of Companies

	 	 	 	 	 	 	 
	Company

	 	Company Purchase

Limit
	 	Related Financial Institution(s)

	 

	 	 	 	 	 	 
	Chariot Funding LLC

	 	$	150,000,000	 	 	JPMorgan Chase Bank, N.A.
	 

	 	 	 	 	 	 
	Liberty Street Funding LLC

	 	$	150,000,000	 	 	The Bank of Nova Scotia
	 

	 	 	 	 	 	 
	Victory Receivables

Corporation

	 	$	125,000,000	 	 	The Bank of Tokyo-Mitsubishi

UFJ, Ltd., New York Branch
	 

	 	 	 	 	 	 
	PNC Bank, National

Association

	 	$125,000,000

	 	PNC Bank, National Association

	 

	 	 	 	 	 	 
	Bank of America, National

Association

	 	$	125,000,000	 	 	Bank of America, National

Association
	 

	 	 	 	 	 	 
	Manhattan Asset Funding

Company LLC

	 	$	125,000,000	 	 	Sumitomo Mitsui Banking

Corporation
	 

	 	 	 	 	 	 

7ohgi_ex101.htm

Exhibit 10.1

 

ONE HORIZON GROUP, INC.

INDEPENDENT DIRECTOR AGREEMENT

 

THIS AGREEMENT (The “Agreement”) is made as of the _____day of ____________, and is by and between One Horizon Group, Inc., a Pennsylvania corporation (hereinafter referred to as the “Company”), and __________________ (hereinafter referred to as the “Director”).

 

BACKGROUND

 

The Board of Directors of the Company desires to appoint or to ensure the continued appointment of the Director and to have or to continue to have the Director perform the duties of an independent director and the Director desires to be so appointed for or to remain appointed for such position and to perform or to continue to perform the duties required of such position in accordance with the terms and conditions of this Agreement.

 

AGREEMENT

 

In consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows:

 

1. DUTIES. The Company requires that the Director be available to perform the duties of an independent director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may be required by the Company’s constituent instruments, including its certificate or articles of incorporation, bylaws and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law, including the Pennsylvania Business Corporation Law or any other applicable governing statute (the “Law”). The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the Audit Committee and such other committees as the Director may hereafter be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under the Law.

 

2. TERM. The term of this Agreement shall commence as of the date of the Director’s appointment by the Board of Directors of the Company and shall continue until the Director’s removal or resignation.

 

3. COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a fee of ______ per month, beginning from _________________. Such fee may be adjusted from time to time as agreed by the parties.

 

4. EXPENSES. In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable business-related expenses incurred in good faith in the performance of the Director’s duties for the Company. Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support the expenditures.

 

5. CONFIDENTIALITY. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”). The Director covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.

 

  

1

  

 

6. TERMINATION. With or without cause, the Company and the Director may each terminate this Agreement at any time upon thirty (30) days written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted here from shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason.

 

7. INDEMNIFICATION. The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the Commonwealth of Pennsylvania or any other applicable jurisdiction under which the Company or any successor entity of the Company may be incorporated or organized, and as provided by, or granted pursuant to, any charter provision, bylaw provision, agreement (including, without limitation, the Indemnification Agreement executed herewith), vote of shareholders or disinterested directors or otherwise, both as to action in the Director’s official capacity and as to action in another capacity while holding such office. The Company and the Director are executing an indemnification agreement in the form attached hereto as Exhibit A.

 

8. EFFECT OF WAIVER. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

 

9. NOTICE. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange Commission and if by fax to +448452805556.

 

10. GOVERNING LAW. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the Commonwealth of Pennsylvania without reference to that state’s conflicts of laws principles.

 

11. ASSIGNMENT. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company.

 

12. MISCELLANEOUS. If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of this Agreement shall remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein.

 

13. ARTICLE HEADINGS. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

14. COUNTERPARTS. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.

 

15. ENTIRE AGREEMENT. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.

 

 

[Signature Page Follows]

 

  

2

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first above written.

 

 

	 	One Horizon Group, Inc. 

 

By: ______________________________

Name: Martin Ward

Title: Chief Financial Officer

 

 

Independent Director

 

_________________________________

Name:

Address:

 

 

  

3

  

 

EXHIBIT A

 

Form of Indemnification Agreement

 

(Separately attached)

 

 

 

 

 

 

 4

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