Document:

Ex 10.4 Amendment No. 1 and Joinder to Credit Agreement.

Exhibit 10.4
AMENDMENT NO. 1 AND JOINDER TO CREDIT AGREEMENT
This Amendment No. 1 and Joinder to Credit Agreement (this "Amendment"), dated as of March 30, 2012 (the "Amendment Effective Date"), is entered into by TESORO LOGISTICS LP, a Delaware limited partnership (the "Borrower"), the lenders party hereto, BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the "Administrative Agent") and L/C Issuer, and for purposes of Section 8 hereof, the Subsidiary Guarantors (as defined in the Credit Agreement defined below).
INTRODUCTION
Reference is made to the Credit Agreement dated as of April 26, 2011 (as modified from time to time, the "Credit Agreement"), among the Borrower, the lenders from time to time party thereto (collectively, the "Lenders" and individually, a "Lender"), and the Administrative Agent.
The Borrower has requested, and the Administrative Agent and the Lenders have agreed, to make certain amendments to the Credit Agreement, to increase the Aggregate Commitments under the Credit Agreement and to add new Lenders to the Credit Agreement.  Furthermore, certain of the Lenders have severally agreed to increase their respective Commitments on the terms and conditions set forth herein.
In connection with the foregoing, the Lenders and the Administrative Agent have agreed on the terms and conditions set forth herein, to make certain amendments to the Credit Agreement.
THEREFORE, in connection with the foregoing and for other good and valuable consideration, the Borrower, the Lenders, and the Administrative Agent hereby agree as follows:
Section 1.Definitions; References.  Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.

Section 2.Amendment of Credit Agreement.

(a)Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Acquisition" in its entirety with the following:

"Acquisition" means the acquisition, directly or indirectly, by any Person of (a) a majority of the Equity Interests of another Person, (b) all or substantially all of the assets of another Person, (c) all or substantially all of a line of business or division of another Person, (in each case above (i) whether or not involving a merger or a consolidation with such other Person and (ii) whether in one transaction or a series of related transactions), or (d) any material properties or assets, the acquisition price for which constitutes, in an individual transaction, 10% or more of the consolidated assets of the Loan Parties after giving effect to such Acquisition (but in any case excluding any ordinary course capital expenditures of the Loan Parties or replacements of existing equipment, property or assets of the Loan Parties).

(b)Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Investment" in its entirety with the following:

"Investment" means, as to any Person, any direct or indirect Acquisition or investment by such Person in another Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) an Acquisition.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
(c)Section 1.01 of the Credit Agreement is hereby amended by inserting the following definition in appropriate alphabetical order:

"Marine Terminal Use and Throughput Agreement" means that certain Marine Terminal Use and Throughput Agreement dated as of April 1, 2012, between TRMC and Opco.
(d)Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Material Contract" in its entirety with the following:

"Material Contract" means (a) the Operational Services Agreement, the Omnibus Agreement, the Pipeline Transportation Services Agreements, the Trucking Transportation Services Agreement, the Master Terminalling Services Agreement, the Storage and Transportation Services Agreement, the Short Haul Pipeline Agreement, the Marine Terminal Use and Throughput Agreement, and any similar type of agreement relating to any future Contributed Assets, (b) any other agreement or instrument entered into on or after the date of this Agreement to which any Loan Party is a party and which otherwise constitutes a material agreement or material instrument relating to the acquisition of, or establishment of, material assets (which assets would constitute 10% or more of the consolidated assets of the Loan Parties after giving effect to such acquisition or establishment) or material operations (which operations would constitute 10% or more of the anticipated revenues of the Loan Parties after giving effect to such acquisition or establishment) by any Loan Party, including without limitation the Conveyance and Contribution Agreement dated as of April 1, 2012, between the Borrower, the General Partner, Opco, Tesoro, and TRMC, and (c) any other material documents, agreements or instruments related to any of the foregoing (i) to which any Loan Party is a party, and (ii) which, if terminated or cancelled, could reasonably be expected to have a Material Adverse Effect.
(e)Section 2.13 of the Credit Agreement is hereby amended by replacing clause (a) thereto in its entirety with the following:

(a)    Request for Increase.  Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time, request increases in the Aggregate Commitments; provided that (i) any such 

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request for an increase shall be in a minimum amount of $25,000,000, (ii) no such increase shall be permitted if after giving effect thereto the Aggregate Commitments would exceed $450,000,000, and (iii) in the case of any such increase which would result in the Aggregate Commitments exceeding $300,000,000, the Loan Parties shall have taken all actions reasonably required by the Administrative Agent to maintain the validity, effectiveness, and priority of the Collateral Documents and the Liens intended to be granted thereunder.  At the time of sending such notice to the Administrative Agent, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).
(f)Section 7.05 of the Credit Agreement is hereby amended by replacing clause (d) thereto in its entirety with the following:

(d)    Dispositions of property by the Borrower or any Subsidiary to the Borrower or to a wholly-owned Subsidiary; provided that if the transferor of such property is a Loan Party, the transferee thereof must be a Loan Party;
(g)The Credit Agreement is hereby amended by replacing Schedule 2.01 in its entirety with Schedule 2.01 attached hereto.  Upon effectiveness of this Amendment each Lender shall have the Commitment set forth opposite such Lender's name on Schedule 2.01 attached hereto under the caption "Commitment".

Section 3.Increase of Commitments and Addition of New Lenders.  To effectuate the increase in the Aggregate Commitments under the Credit Agreement, certain Lenders have severally agreed to increase their respective Commitments.  Effective on the Amendment Effective Date, the Commitment of each such Lender is increased to the respective Commitment set forth opposite its name on Schedule 2.01 attached hereto under the caption "Commitment".  Effective on the Amendment Effective Date, each of Comerica Bank, OneWest Bank, FSB, PNC Bank, National Association, and UBS Loan Finance LLC (collectively, the "New Lenders") is hereby added to the Credit Agreement as a Lender, with a Commitment as provided on Schedule 2.01 attached hereto, and each such New Lender agrees to be bound by all of the terms and provisions of the Credit Agreement binding on each Lender.

Section 4.Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements referred to in Section 6.01 of the Credit Agreement and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment and to agree to the various matters set forth herein.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement.
Section 5.Representations and Warranties.  The Borrower represents and warrants that (a) the execution, delivery, and performance of this Amendment by the Borrower are within the corporate or equivalent power and authority of the Borrower and have been duly authorized

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by all necessary corporate or other organizational action, (b) this Amendment and the Credit Agreement as amended hereby constitute legal, valid, and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors' rights generally or by general principles of equity, (c) the representations and warranties of the Borrower and each other Loan Party contained in each Loan Document are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 5(c) the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively, (d) no Default exists or will result from this Amendment, and (e) the Liens under the Collateral Documents are valid and subsisting.

Section 6.Effect on Credit Documents.  (a) Except as amended herein, the Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.  Nothing herein shall act as a waiver of any of the Administrative Agent's or any Lender's rights under the Loan Documents as amended, including the waiver of any default or event of default, however denominated.  The Borrower acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement or any other Loan Document.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Loan Documents (subject to any applicable materiality thresholds and/or cure periods).

(b)Any Loans outstanding on the Amendment Effective Date shall be re-allocated among the Lenders so that the Loans outstanding immediately following the increase in the Aggregate Commitments under this Amendment are held by the Lenders in proportion to the Lenders' respective Applicable Percentages (giving effect to such increase).  The Borrower shall not be required to prepay any outstanding Loans to achieve the re-allocation described in the foregoing sentence but hereby agrees to the re-allocation of the Loans among the Lenders to the extent necessary to cause the outstanding Loans to be ratable in proportion to the Lenders' respective Applicable Percentages.

Section 7.Effectiveness.  This Amendment shall become effective, and the Credit Agreement shall be amended as provided for herein as of the Amendment Effective Date, upon the satisfaction of the following conditions:

(a)the Administrative Agent (or its counsel) shall have received counterparts hereof duly executed and delivered by a duly authorized officer of the General Partner acting on behalf of the Borrower and by the Lenders whose consent is required to effect the amendments contemplated hereby;

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(b)the Administrative Agent (or its counsel) shall have received each of the following items, each in form and substance reasonably acceptable to the Administrative Agent and, where applicable, duly executed and delivered by a duly authorized officer of the General Partner acting on behalf of the applicable Loan Party:

(i)a Note for each New Lender requesting a Note; and

(ii)a certificate dated as of the Amendment Effective Date signed by a Responsible Officer of the General Partner, acting on behalf of the Borrower and each Subsidiary Guarantor, (w) certifying each of the Borrower's and each Subsidiary Guarantor's existence and good standing in its state of organization, (x) certifying that the governing documents of the Borrower and each Subsidiary Guarantor have not been modified since previously certified to the Administrative Agent and remain in full force and effect, (y) certifying and attaching the resolutions adopted by the Borrower and each Subsidiary Guarantor approving or consenting to this Amendment and the increase to the Commitments hereunder, and (z) certifying that, before and after giving effect to this Amendment and the increase to the Commitments hereunder, (A) the representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except for such representations and warranties that have a materiality or Material Adverse Effect qualification, which shall be true and correct in all respects) as of such earlier date, and except that for purposes of such certificate the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement, and (B) no Default exists or will result from this Amendment and the increase to the Commitments hereunder; and

(c)the Administrative Agent shall have received, or shall concurrently receive (i) for the account of each New Lender joining the Credit Agreement hereby that has delivered a new Commitment with respect to the Credit Agreement to the Administrative Agent (or its counsel) (A) by 5:00 p.m. (Central time) on March 23, 2012, an upfront fee equal to 27.5 basis points on the amount of such New Lender's Commitment as set forth opposite such New Lender's name on Schedule 2.01 attached hereto or (B) by 2:00 p.m. (Central time) on March 27, 2012, an upfront fee equal to 25 basis points on the amount of such New Lender's Commitment as set forth opposite such New Lender's name on Schedule 2.01 attached hereto, (ii) for the account of each Lender increasing its Commitment pursuant hereto that has delivered an increased Commitment with respect to the Credit Agreement to the Administrative Agent (or its counsel) (A) by 5:00 p.m. (Central time) on March 23, 2012, an upfront fee equal to 27.5 basis points on the amount by which such Lender's Commitment is increased or (B) by 2:00 p.m. (Central time) on March 27, 2012, an upfront fee equal to 25 basis points on the amount by which such Lender's 

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Commitment is increased, and (iii) for the account of the applicable Person, payment of all other fees payable in connection with this Amendment.

Section 8.Reaffirmation of Guaranty.  By its signature hereto, each Subsidiary Guarantor represents and warrants that such Subsidiary Guarantor has no defense to the enforcement of the Subsidiary Guaranty, and that according to its terms the Subsidiary Guaranty will continue in full force and effect to guaranty the Borrower's obligations under the Credit Agreement and the other amounts described in the Subsidiary Guaranty following the execution of this Amendment.

Section 9.Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, the LAW OF THE STATE OF NEW YORK.

Section 10.Miscellaneous.  The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this Amendment.  This Amendment may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered by telecopier or other electronic imaging means.

Section 11.ENTIRE AGREEMENT.  THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[Signature pages follows.]
#3989682

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EXECUTED as of the first date above written.
TESORO LOGISTICS LP
By:  TESORO LOGISTICS GP, LLC, its
        general partner
By:        /s/ PHILLIP M. ANDERSON         
Name: Phillip M. Anderson
Title:   President
    
 

TESORO LOGISTICS OPERATIONS LLC

By:  TESORO LOGISTICS LP, its
        sole member
By:  TESORO LOGISTICS GP, LLC, its
        general partner
By:        /s/ PHILLIP M. ANDERSON         
Name: Phillip M. Anderson
Title:   President

    

TESORO HIGH PLAINS PIPELINE COMPANY LLC

By:  TESORO LOGISTICS LP, its
        sole member
By:  TESORO LOGISTICS GP, LLC, its
        general partner
By:        /s/ PHILLIP M. ANDERSON         
Name: Phillip M. Anderson
Title:   President

    

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

BANK OF AMERICA, N.A.,
as Administrative Agent
By:        /s/ RONALD E. MCKAIG         
Name: Ronald E. McKaig
Title:   Managing Director

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

BANK OF AMERICA, N.A.,
as a Lender and L/C Issuer
By:        /s/ RONALD E. MCKAIG         
Name: Ronald E. McKaig
Title:   Managing Director

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION
By:        /s/ MICHAEL REAL            
Name: Michael Real
Title:   Director

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

CITIBANK, N.A.
By:        /s/ JOHN MILLER             
Name: John Miller
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

DEUTSCHE BANK TRUST COMPANY AMERICAS
By:        /s/ MICHAEL GETZ             
Name: Michael Getz
Title:   Vice President

By:        /s/ MARCUS M. TARKINGTON         
Name: Marcus M. Tarkington
Title:   Director

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

ROYAL BANK OF CANADA
By:        /s/ JASON S. YORK             
Name: Jason S. York
Title:   Authorized Signatory

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
By:        /s/ CHRISTOPHER REO DAY         
Name: Christopher Reo Day
Title:   Vice President

By:        /s/ VIPUL DHADDA            
Name: Vipul Dhadda
Title:   Associate

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

JPMORGAN CHASE BANK, N.A.
By:        /s/ THOMAS OKAMOTO        
Name: Thomas Okamoto
Title:   Authorized Officer

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

SUNTRUST BANK
By:        /s/ CARMEN MALIZIA         
Name: Carmen Malizia
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

THE ROYAL BANK OF SCOTLAND PLC
By:        /s/ TODD VAUBEL             
Name: Todd Vaubel
Title:   Authorised Signatory

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

RAYMOND JAMES BANK, N.A.
By:        /s/ SCOTT G. AXELROD        
Name: Scott G. Axelrod
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

BARCLAYS BANK PLC
By:        /s/ MICHAEL J. MOZER         
Name: Michael J. Mozer
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

AMEGY BANK, NATIONAL ASSOCIATION
By:        /s/ WILLIAM B. ROBINSON         
Name: William B. Robinson
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

REGIONS BANK
By:        /s/ DAVID VALENTINE             
Name: David Valentine
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

COMERICA BANK
By:        /s/ JOEY POWELL             
Name: Joey Powell
Title:   Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

ONEWEST BANK, FSB
By:        /s/ DAVID G. LIGON         
Name: David G. Ligon
Title:   EVP

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

PNC BANK, NATIONAL ASSOCIATION
By:        /s/ JONATHAN PARKER         
Name: Jonathan Parker
Title:   Assistant Vice President

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

UBS LOAN FINANCE LLC
By:        /s/ IRJA R. OTSA             
Name: Irja R. Otsa
Title:   Associate Director

By:        /s/ MARY E. EVANS             
Name: Mary E. Evans
Title:   Associate Director

Signature Page to Amendment No. 1 and Joinder to Credit Agreement

SCHEDULE 2.01
COMMITMENTS
AND APPLICABLE PERCENTAGES
	
			
	Lender
	Commitment
	Applicable Percentage

	Bank of America, N.A.
	$20,000,000.00
	6.666666667%

	Wells Fargo Bank, National Association
	$20,000,000.00
	6.666666667%

	Citibank, N.A.
	$20,000,000.00
	6.666666667%

	Deutsche Bank Trust Company Americas
	$20,000,000.00
	6.666666667%

	Royal Bank of Canada
	$20,000,000.00
	6.666666667%

	Credit Suisse AG, Cayman Islands Branch
	$20,000,000.00
	6.666666667%

	JPMorgan Chase Bank, N.A.
	$20,000,000.00
	6.666666667%

	SunTrust Bank
	$20,000,000.00
	6.666666667%

	The Royal Bank of Scotland plc
	$20,000,000.00
	6.666666667%

	Raymond James Bank, N.A.
	$10,000,000.00
	3.333333333%

	Barclays Bank PLC
	$20,000,000.00
	6.666666667%

	Amegy Bank, National Association
	$15,000,000.00
	5.000000000%

	Regions Bank
	$15,000,000.00
	5.000000000%

	Comerica Bank
	$15,000,000.00
	5.000000000%

	OneWest Bank, FSB
	$15,000,000.00
	5.000000000%

	PNC Bank, National Association
	$15,000,000.00
	5.000000000%

	UBS Loan Finance LLC
	$15,000,000.00
	5.000000000%

	TOTAL
	$300,000,000.00
	100.000000000%

Schedule 2.01 to Credit Agreementexhibit10-1.htm

Exhibit 10.1

 

 

AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT dated as of April 3, 2012 (this “Amendment”), among VISHAY INTERTECHNOLOGY, INC., (the “Company”), the INCREMENTAL REVOLVING LENDERS (as defined below) party hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), in its capacities as Administrative Agent and Issuing Bank, relating to the CREDIT AGREEMENT dated as of December 1, 2010, as amended on March 2, 2011, and as further amended on September 8, 2011 (the “Credit Agreement”), among the Company, the lenders party thereto and JPMCB, as Administrative Agent.

 

A. Pursuant to the Credit Agreement, the Lenders have extended credit to the Company, and have agreed to extend credit to the Company, in each case pursuant to the terms and subject to the conditions set forth therein.  Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Credit Agreement.

 

B. The Company has requested that pursuant to Section 2.21 of the Credit Agreement, the Incremental Revolving Lenders provide Incremental Commitments to the Company in an aggregate principal amount of $78,000,000.

 

C. Subject to the terms and conditions set forth herein, each Person party hereto whose name is set forth on Schedule I hereto (each such Person, an “Incremental Revolving Lender”) has agreed to provide an Incremental Commitment to the Company in the amount set forth opposite its name on such Schedule (such commitments, the “Incremental Revolving Commitments”).

 

D. This Amendment is an Incremental Facility Agreement entered into pursuant to Section 2.21 of the Credit Agreement to provide for the Incremental Commitments referred to above.

 

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

 

SECTION 1. Incremental Revolving Commitment.  (a)  Subject to the terms and conditions set forth herein, on the Amendment Effective Date (as defined below), the Incremental Revolving Commitments of each Incremental Revolving Lender, which shall terminate on the Maturity Date applicable to the Commitments outstanding under the Credit Agreement immediately prior to the Amendment Effective Date (the “Existing Commitments”) and have terms identical to the terms of the Existing Commitments (including with respect to the Applicable Rate that will apply to ABR Loans, Eurocurrency Loans and facility fees relating to such Incremental Revolving Commitments), shall become effective.

 

  

  

  

 

(b) Subject to the terms and conditions set forth herein, pursuant to Section 2.21 of the Credit Agreement, effective as of the Amendment Effective Date, for all purposes of the Loan Documents, (i) the Incremental Revolving Commitments shall constitute “Commitments” and “Incremental Commitments” under the Credit Agreement and shall be deemed to constitute the same class of Commitments as the Existing Commitments, (ii) Loans made pursuant to the Incremental Revolving Commitments contemplated hereby shall constitute “Revolving Loans” and “Loans” under the Credit Agreement and shall be deemed to constitute the same class of Loans as any Loans made pursuant to the Existing Commitments and (iii) each Incremental Revolving Lender shall be (or in the case of any Incremental Revolving Lender with an Existing Commitment, continue to be) a “Revolving Lender” and a “Lender” under the Credit Agreement and shall have all the rights and obligations of a Lender holding a Commitment under the Credit Agreement.

 

(c) The provisions of Section 2.21(e) of the Credit Agreement will apply to the Incremental Commitments and to any ABR Revolving Loans and Eurocurrency Revolving Loans outstanding on the Amendment Effective Date.  Accordingly, on the Amendment Effective Date, any outstanding ABR Revolving Loans will be prepaid by the Company or refinanced (subject to satisfaction of applicable borrowing conditions) with Revolving Loans made by all Revolving Lenders, including the Incremental Revolving Lenders, in accordance with their Applicable Percentages, pursuant to the procedures set forth in Section 2.21(e) of the Credit Agreement.  The Company will, in connection with any such prepayment or refinancing, pay accrued and unpaid interest on the principal amount of any Revolving Credit Loan that is prepaid.  Any Eurocurrency Revolving Loans outstanding on the Amendment Effective Date will be repaid or refinanced on the last day of their then-current Interest Periods (including on the Amendment Effective Date in the case of any such Interest Periods ending on such date) and will be subject to the provisions of Section 2.21(e) with respect to earlier purchases of participations by Incremental Revolving Lenders in the case of occurrence of any Event of Default.

 

(d) JPMCB, in its capacities as Administrative Agent and Issuing Bank, hereby consents to this Amendment and confirms that each Incremental Revolving Lender not already a Lender under the Credit Agreement is satisfactory to it.

 

SECTION 2. Amendment of the Credit Agreement.  On the Amendment Effective Date, the Credit Agreement is hereby amended by replacing Schedule 2.01 thereof with the Schedule of the same designation attached as Exhibit A hereto.

 

SECTION 3. Fees.  The fees payable pursuant to Section 2.11(a) and (b) of the Credit Agreement for the account of the Revolving Lenders shall be calculated so as to take into account the increase in the Aggregate Commitments, the addition of Incremental Revolving Lenders, any prepayments or refinancing of outstanding Loans and the reallocation of participations in any outstanding Letters of Credit, in each case on the Amendment Effective Date.

 

  

  

  

 

SECTION 4. Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, the Company represents and warrants to each of the Incremental Revolving Lenders, the Administrative Agent and the Issuing Bank that:

 

(a) This Amendment has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b) On the Amendment Effective Date, and after giving effect to this Amendment and the transactions contemplated hereby to occur on such date, (i) the representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document are true and correct, in the case of the representations and warranties qualified as to materiality, in all respect and, otherwise, in all material respects as though made on and as of the Amendment Effective Date, except any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty is true and correct on and as of such prior date and (ii) no Event of Default or Default has occurred and is continuing.

 

SECTION 5. Conditions.  This Amendment shall become effective as of the first date prior to April 12, 2012 (the “Amendment Effective Date”) on which each of the following conditions is satisfied:

 

(a) the Administrative Agent shall have received from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) evidence satisfactory to the Administrative Agent (which may include a facsimile transmission) that such party has signed a counterpart of this Amendment;

 

(b) the Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Incremental Revolving Lenders and the Issuing Bank and dated the Amendment Effective Date) of Pepper Hamilton LLP, counsel for the Company, covering such matters relating to the Loan Parties, this Amendment, the other Loan Documents and the Guarantees and security interests under the Security Documents (including in relation to the Secured Obligations attributable to the Incremental Revolving Commitments) as the Administrative Agent shall reasonably request (and the Company hereby requests such counsel to deliver such opinions);

 

(c) the Administrative Agent shall have received such documents and certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of the transactions contemplated hereby and any other legal matters relating to the Loan Parties, the Loan Documents or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent;

 

  

  

  

 

(d) the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement shall be satisfied on and as of the Amendment Effective Date, and the Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by the chief executive officer or the chief financial officer of the Company, confirming compliance with such conditions;

 

(e) on the Amendment Effective Date and immediately after giving effect to any Borrowings and/or repayments of Revolving Loans and other extensions of credit on such date and the use of proceeds of any such Borrowings, the Company shall be in compliance with the covenants set forth in Section 6.12 and Section 6.13 of the Credit Agreement on a pro forma basis in accordance with Section 1.04(b) of the Credit Agreement, and the Administrative Agent shall have received a certificate dated the Amendment Effective Date and executed by a Financial Officer of the Company to such effect, together with reasonably detailed calculations demonstrating such compliance;

 

(f) the Company shall have made the prepayments of Loans and payments of accrued interest on Loans, if any, required to be made on the Amendment Effective Date by Section 1(c) hereof, and shall, to the extent invoiced, have made any payments required by Section 2.15 of the Credit Agreement in connection therewith;

 

(g) each Loan Party shall have executed and delivered to the Administrative Agent a written instrument reasonably satisfactory to the Administrative Agent pursuant to which it confirms that it consents to this Amendment and the Incremental Commitments provided for herein and that the Security Documents to which it is party will continue to apply in respect of the Credit Agreement, as amended hereby, and the obligations of such Loan Party;

 

(h) the Administrative Agent shall have received, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company under the Credit Agreement or under Section 6 hereof; and

 

(i) The Incremental Revolving Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including the USA PATRIOT Act.

 

The Administrative Agent shall notify the Company and the Incremental Revolving Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the obligations of the Incremental Revolving Lenders to provide the Incremental Revolving Commitments hereunder shall not become effective unless each of the foregoing conditions shall have been satisfied at or prior to 5:00 p.m., New York City time, on April 12, 2012.

 

SECTION 6. Expenses.  The Company agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment and the transactions contemplated hereby, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP.

 

  

  

  

 

SECTION 7. Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Issuing Bank or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  After the Amendment Effective Date, any reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement, “thereunder”, “thereof”, “therein” or words of like import in any other Loan Document, shall be deemed a reference to the Credit Agreement as modified hereby.  This Amendment shall constitute an Incremental Facility Agreement entered into pursuant to Section 2.21 of the Credit Agreement and a “Loan Document” for all purposes of the Credit Agreement as amended hereby and the other Loan Documents.

 

SECTION 8. Post-Effectiveness Matters.  As soon as practicable, and in any event within 45 days after the Amendment Effective Date, the Company and each other Loan Party shall (i) deliver such amendments to, or reaffirmations of, Foreign Pledge Agreements, and effect such filings or registrations with respect to Foreign Pledge Agreements, as may be necessary to ensure that the Secured Obligations attributable to the Incremental Revolving Commitments are secured under each Foreign Pledge Agreement to the same extent as the other Secured Obligations and (ii) deliver or cause to be delivered to the Administrative Agent such documents, legal opinions of foreign counsel of the type referred to in Section 5(b) above or such other advice of foreign counsel reasonably acceptable to the Administrative Agent as the Administrative Agent may reasonably request to confirm the foregoing; provided that the Company shall have not less than 30 days to comply with any such request made by the Administrative Agent pursuant to clause (i) or (ii) above.

 

SECTION 9. APPLICABLE LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 10. Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract.  Delivery of an executed signature page to this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually signed counterpart of this Amendment.

 

SECTION 11. Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

 

  

  

  

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

 

	
VISHAY INTERTECHNOLOGY, INC.,

	
by

	  	  /s/ Lori Lipcaman
	  	
Name: Lori Lipcaman

	  	
Title:  Executive Vice President and

	 	           Chief Financial Officer

 

  

  

  

 

	
JPMORGAN CHASE BANK, N.A.,

as Administrative Agent and Issuing Bank,

	
by

	  	 /s/ Peter M. Killea
	  	
Name:  Peter M. Killea

	  	
Title:   Sr. Vice President

 

  

  

  

SIGNATURE PAGE TO AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT DATED AS OF APRIL 3, 2012, RELATING TO THE VISHAY INTERTECHNOLOGY, INC. CREDIT AGREEMENT

 

 

Name of Incremental Revolving Lender: UniCredit Bank AG, New York Branch

 

	
by

	  	  /s/
	  	
Name: 

	  	
Title: 

 

 

	
by

	  	 /s/
	  	
Name: 

	  	
Title: 

  

  

  

 

SIGNATURE PAGE TO AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT DATED AS OF APRIL 3, 2012, RELATING TO THE VISHAY INTERTECHNOLOGY, INC. CREDIT AGREEMENT

 

 

Name of Incremental Revolving Lender: HSBC Bank USA, N.A.

 

	
by

	  	  /s/
	  	
Name: 

	  	
Title: 

  

  

  

 

SIGNATURE PAGE TO AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT DATED AS OF APRIL 3, 2012, RELATING TO THE VISHAY INTERTECHNOLOGY, INC. CREDIT AGREEMENT

 

 

Name of Incremental Revolving Lender: COMERICA BANK

 

	
by

	  	  /s/
	  	
Name: 

	  	
Title: 

  

  

  

 

 

SIGNATURE PAGE TO AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT DATED AS OF APRIL 3, 2012, RELATING TO THE VISHAY INTERTECHNOLOGY, INC. CREDIT AGREEMENT

 

 

Name of Incremental Revolving Lender: The Bank of Tokyo-Mitsubishi UFJ, Ltd.

 

	
by

	  	  /s/
	  	
Name: 

	  	
Title: 

 

 

  

  

  

 

SIGNATURE PAGE TO AMENDMENT NO. 3 AND INCREMENTAL FACILITY AGREEMENT DATED AS OF APRIL 3, 2012, RELATING TO THE VISHAY INTERTECHNOLOGY, INC. CREDIT AGREEMENT

 

 

Name of Incremental Revolving Lender: KBC BANK NV

 

	
by

	  	  /s/
	  	
Name: 

	  	
Title: 

 

 

	
by

	  	 /s/
	  	
Name: 

	  	
Title: 

 

 

  

  

  

Schedule I

Incremental Revolving

 

Commitments

 

	

Name

	 	

Incremental Commitment

	 
	
UniCredit Bank AG

	 	$	37,500,000.00	 
	
HSBC Bank USA, N.A.

	 	$	12,500,000.00	 
	
J.P. Morgan Chase Bank, N.A.

	 	$	9,000,000.00	 
	
Comerica Bank

	 	$	9,000,000.00	 
	
Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 	$	5,000,000.00	 
	
KBC Bank N.V

	 	$	5,000,000.00	 
	
 

Total

	 	$	 78,000,000.00	 

 

  

  

  

EXHIBIT A

Schedule 2.01

Commitments

	
Lender

	 	
Commitment

	 
	
J.P. Morgan Chase Bank, N.A.

	 	$	75,000,000.00	 
	
Comerica Bank

	 	$	75,000,000.00	 
	
Bank Leumi USA

	 	$	66,000,000.00	 
	
HSBC Bank USA, N.A.

	 	$	50,000,000.00	 
	
Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 	$	42,500,000.00	 
	
Bank Hapoalim B.M.

	 	$	37,500,000.00	 
	
RBS Citizens, N.A.

	 	$	37,500,000.00	 
	
UniCredit Bank AG

	 	$	37,500,000.00	 
	
Sovereign Bank

	 	$	33,000,000.00	 
	
TD Bank, N.A.

	 	$	33,000,000.00	 
	
KBC Bank N.V.

	 	$	28,000,000.00	 
	
Intesa Sanpaolo S.p.A

	 	$	13,000,000.00

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