Document:

Exhibit 10BBz - Synthetic Lease Waiver

Exhibit 10-BBz

WAIVER AGREEMENT

THIS WAIVER AGREEMENT dated as of July 29, 2013 (this “Agreement”) is entered into among Tech Data Corporation, a Florida corporation (the “Lessee”), SunTrust Bank, a Georgia banking corporation (the “Lessor”), the Lenders party hereto, the Alternative Lessees party hereto, the Guarantors party hereto and SunTrust Equity Funding, LLC, as agent (the “Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Participation Agreement (as defined below).

RECITALS

WHEREAS, the Lessee, the Lessor, the Lenders and the Agent entered into that certain Fourth Amended and Restated Participation Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Participation Agreement”), which has been acknowledged and agreed to by the Alternative Lessees;

WHEREAS, the Lessor and the Lessee entered into that certain Fourth Amended and Restated Lease Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Lease Agreement”), which has been acknowledged and agreed to by the Alternative Lessees;

WHEREAS, the Lessee, the Subsidiaries of the Lessee party thereto, the Agent and the Lessor entered into that certain Third Amended and Restated Guaranty Agreement (Lessee Obligations), dated as of June 27, 2013 (as further amended or modified from time to time, the “Guaranty Agreement”);

WHEREAS, the Lessor, the several lenders from time to time parties thereto and the Agent entered into that certain Fourth Amended and Restated Credit Agreement, dated as of June 27, 2013 (as further amended or modified from time to time, the “Lease Credit Agreement”);

WHEREAS, the Lessee has informed the Agent, the Lessor and the Lenders that, as a result of the Specified Matters, certain defaults may have occurred or may occur under certain of the Lessee’s agreements or instruments relating to Indebtedness or Guarantees (collectively, the “Prior Potential Cross Events of Default”); and

WHEREAS, the Prior Potential Cross Events of Default, if not waived by the Majority Financing Parties and the Agent, may have resulted in or will result in Lease Events of Default pursuant to Section 17.1(h) of the Lease Agreement, and therefore the Lessee has requested that the Financing Parties and the Agent agree to waive, and the Financing Parties signatories hereto (which include at least the Majority Financing Parties) and the Agent have agreed to waive, any Lease Event of Default under Section 17.1(h) of the Lease Agreement that may have occurred due to or resulting from the Prior Potential Cross Events of Default to the extent set forth in this Agreement. 

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

1.Waiver of Certain Cross Defaults.  Effective as of the Waiver Effective Date (as defined below), the Financing Parties that are signatories hereto hereby agree, and the Agent hereby consents and agrees, to waive any Lease Event of Default that may occur pursuant to Section 17.1(h) of the Lease or any Event of Default that may occur pursuant to Section 6(f) of the Guaranty Agreement as a result of violations of any agreement or instrument governing Indebtedness or a Guarantee of the Lessee due to (i) the Specified Matters or (ii) the failure to file with the Securities and Exchange Commission or to transmit to holders thereunder the Lessee’s financial statements for the fiscal year ended January 31, 2013 or for the fiscal quarters ended April 30, 2013 or July 31, 2013 as and when required by the terms thereof (A) in the case of any agreement or instrument governing Indebtedness of the Lessee (other than Material Debt Agreements (as defined below)), until the earlier of (x) September 30, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness, and (B) in the case of Material Debt Agreements, until the earlier of (x) August 15, 2013 and (y) the date of acceleration of such Indebtedness or enforcement of a lien securing such Indebtedness.
The above waivers are limited solely to the specific waivers identified above and nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Agent or any Financing Party may have under the Participation Agreement, Lease Agreement or any other Operative Agreement or under applicable law.

The following agreements shall constitute the “Material Debt Agreements”: (i) the Tech Data Credit Agreement, (ii) the Transfer and Administration Agreement, dated as of May 19, 2000, among the Lessee, as collection agent, Tech Data Finance SPV, Inc., as transferor, Liberty Street Funding Corp., Chariot Funding LLC, The Bank of Nova Scotia, JPMorgan Chase Bank, N.A. and Bank of America, National Association, as has been further amended (the “Transfer and Administration Agreement”), (iii) ISDA 2002 Master Agreement and the related Schedule thereto, each dated as of August 30, 2010 among Bank of America, N.A., the Lessee and the affiliates of the Lessee listed in Exhibit A to the Schedule thereto, (iv) the ISDA Master Agreement and related Schedule thereto, each dated as of April 30, 2003 between Citibank, N.A. and Tech Data Global Finance L.P. and (v) the ISDA 2002 Master Agreement and related Schedule thereto, each dated as of December 14, 2011 among JPMorgan Chase Bank, N.A. and Tech Data Europe GMBH and the affiliates listed in Exhibit A to the Schedule thereto.

2.    Lease Credit Agreement Waiver.  The Agent and the Lenders hereby confirm that no Lease Event of Default or Event of Default pursuant to the Guaranty that has been waived in Section 1 of this Agreement shall constitute an Event of Default under Section 5(f) of the Lease Credit Agreement or under any other provision of any other Operative Agreement.
3.    No Liquidated Damages.  The Agent, the Lessor and each Lender acknowledge and agree that none of them has any right to recover final liquidated damages as provided in 

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Section 17.5 of the Lease Agreement with respect to any Lease Event of Default that has been waived hereunder, solely to the extent of such waiver.
4.    Condition Precedent.  This Agreement shall be effective upon receipt by the Agent of counterparts of this Agreement duly executed by the Lessee, the Alternative Lessees, the Guarantors, the Majority Financing Parties and the Agent (the “Waiver Effective Date”).
5.    Miscellaneous.
(a)    The Participation Agreement, the Lease Agreement, the Guaranty Agreement and the obligations of the Lessee thereunder and under the other Operative Agreements, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.
(b)    Each Alternative Lessee (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Operative Agreements to which it is a party and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Operative Agreements to which it is a party.
(c)    Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Operative Agreements to which it is a party and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Guaranty Agreement or the other Operative Agreements to which it is a party.
(d)    After giving effect to this Agreement, the Lessee represents and warrants to the Agent and the Financing Parties that, except with respect to any Lease Event of Default that may occur pursuant to Section 17.1(h) of the Lease waived pursuant to this Agreement, no event has occurred and is continuing which constitutes a Default or an Event of Default (as defined in the Participation Agreement).
(e)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by facsimile or by email shall be effective as an original and shall constitute a representation that an executed original shall be delivered.
(f)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.
(g)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW 

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OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS.
(h)    The Lessee shall pay, or reimburse the Agent for, any and all out-of-pocket costs and expenses incurred by the Agent in connection with this Agreement, including, without limitation, reasonable and documented attorneys’ fees, within thirty (30) days of receipt by the Lessee of an invoice for any such costs and expenses.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

LESSEE & GUARANTOR:    

TECH DATA CORPORATION,
a Florida corporation

By: /s/ CHARLES V. DANNEWITZ        
Name: Charles V. Dannewitz
Title: Senior Vice President & Treasurer

ALTERNATIVE LESSEE & GUARANTOR:    
    
TECH DATA PRODUCT MANAGEMENT, INC.,
a Florida corporation
                

By: /s/ CHARLES V. DANNEWITZ        
Name: Charles V. Dannewitz
Title: Senior Vice President & Treasurer

ALTERNATIVE LESSEE:    

TD FACILITIES, LTD.,
a Texas Partnership

                
By: /s/ CHARLES V. DANNEWITZ        
Name: Charles V. Dannewitz
Title: Senior Vice President & Treasurer

GUARANTOR:

TECH DATA FINANCE PARTNER, INC.,
a Florida corporation

By: /s/ CHARLES V. DANNEWITZ__________                     
Name: Charles V. Dannewitz
Title: Senior Vice President & Treasurer

            

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SUNTRUST BANK, as Lessor

By:  /s/ SHAWN WILSON        
Name: Shawn Wilson 
Title: Director

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SUNTRUST EQUITY FUNDING, LLC, as Agent

By:  /s/ PAUL SEVERN                
Name: Paul Severn 
Title:  Manager

S-4

THE BANK OF NOVA SCOTIA, as a Lender

By:  /s/ EUGENE DEMPSEY            
Name: Eugene Dempsey
Title: Director Corporate Banking

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FIFTH THIRD BANK, an Ohio banking corporation, as a Lender

By:  /s/ JOHN A. MARIAN        
Name: John A. Marian 
Title: Vice President 

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U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:  /s/ KENNETH R. FIELER                    
Name: Kenneth R. Fieler
Title: Vice President 

S-7Exhibit 10BBaa - TAA Waiver

Exhibit 10-BBaa

FIRST AMENDMENT TO
LIMITED WAIVER

THIS FIRST AMENDMENT TO LIMITED WAIVER dated as of July 29, 2013 (the “Agreement”) is entered into among TECH DATA CORPORATION, a Florida corporation (“Tech Data”), as collection agent (in such capacity, the “Collection Agent”), TECH DATA FINANCE SPV, INC., a Delaware corporation, as transferor (in such capacity, the “Transferor”), LIBERTY STREET FUNDING CORP., a Delaware corporation, as a Class Conduit and as a Class Investor, CHARIOT FUNDING LLC, a Delaware limited liability company, as successor by merger to Falcon Asset Securitization Company LLC, as a Class Conduit and as a Class Investor, THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency, as a Class Agent and as a Class Investor, JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association, as a Class Agent and as a Class Investor, and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association, as a Class Investor and as Administrative Agent, under and in connection with that certain Transfer and Administration Agreement dated as of May 19, 2000, as last amended by Amendment No. 18 thereto, dated as of October 31, 2012 (as amended, the “Transfer and Administration Agreement”), among the parties hereto.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Transfer and Administration Agreement.

RECITALS

WHEREAS, Tech Data, including in its capacity as the Collection Agent and the Transferor (collectively, the “Tech Data Parties”) and the Administrative Agent, the Class Agents, the Class Conduits and the Class Investors (collectively, the “Waiving Parties”) entered into the Transfer and Administration Agreement;

WHEREAS, the Tech Data Parties and the Waiving Parties entered into that certain Limited Waiver dated as of April 29, 2013, attached hereto as Exhibit A (the “Limited Waiver”); and

WHEREAS, the Tech Data Parties have requested, and the Waiving Parties have agreed, to certain amendments to the Limited Waiver, as more specifically set forth herein; 

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

1.    Amendment.  The Limited Waiver is hereby amended as follows:

(a)    In the fourth Recital to the Limited Waiver, clause (i), which includes the definition of “Transferor Affected Quarterly Financial Statements”, is hereby amended to refer to “its financial statements for its fiscal quarters ending April 30, 2013 and July 31, 2013”. 

(b)    In the fourth Recital to the Limited Waiver, clause (ii), which includes the definition of “Tech Data Affected Quarterly Financial Statements”, is hereby amended to refer to “its financial statements for its fiscal quarters ending April 30, 2013 and July 31, 2013”. 

(c)    In Section 1(a) and 1(b) of the Limited Waiver, each reference to “July 31, 2013” is hereby replaced with a reference to “October 31, 2013”.  

(d)    The proviso at the end of Section 1(b) of the Limited Waiver is hereby amended and restated in its entirety to read as follows:

“provided that it is understood and agreed that failure of the Tech Data Parties to deliver restated Prior Financial Statements and restated 2013 Financial Statements  on or before October 31, 2013 (which, in the case of Tech Data, may be provided as part of Tech Data’s Annual Report on Form 10-K for fiscal year ended January 31, 2013) showing results for consolidated net income that are substantially consistent (within $20,000,000) with the estimates of consolidated net income reductions included in Part IV of the  SEC Filing, shall constitute an immediate Event of Default, except as may be further amended upon mutual agreement between the Tech Data Parties and the Waiving Parties; and”

2.    Consent to Amendment to Waiver for Transaction Documents.  The Waiving Parties hereby consent, as required by Section 5.2(h) of the Transfer and Administration Agreement, to the entry by the Tech Data Parties into an amendment to the limited waiver with respect to the Purchase Agreement, the Credit Agreement and the Promissory Note, which shall be substantially in the form attached hereto as Exhibit A (the “Amendment to the Transaction Documents Waiver”).

3.    Condition Precedent.  This Agreement shall be effective upon receipt by the Administrative Agent of (i) the counterparts of this Agreement duly executed by the Tech Data Parties and the Waiving Parties and (ii) the counterparts of the Amendment to the Transaction Documents Waiver duly executed by the Tech Data Parties.

4.    Miscellaneous.

(a)    The Transfer and Administration Agreement, and the obligations of the Tech Data Parties thereunder and under the other Transaction Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    Both immediately before and after giving effect to this Agreement, each Tech Data Party represents and warrants to the Waiving Parties that, to its knowledge: (i) the Specified Financial Reporting Matters, as defined in the Limited Waiver, as amended hereby, will not affect the value or collectability of the Receivables; (ii) except as provided in clause (iii) below, any Receivables that, as a result of the Specified Financial Reporting Matters, may be the subject of restatement or with respect to which Section 5.1(e) or 5.3(e) may have been violated, were not Eligible Receivables during any time period affected by the foregoing; (iii) to the extent any Receivables affected by the correction of previously unadjusted differences as part of the restatement constituted Eligible Receivables during any relevant period, such Receivables have been collected or do not currently constitute Eligible Receivables; and (iv) to the extent any of the matters waived in the Limited Waiver, as amended hereby (collectively, the “Waived Matters”), would or would reasonably be expected to result in any default, acceleration or similar event under any other Indebtedness of the Tech Data Parties, such Waived Matters have been waived as of the date hereof by the parties entitled to waive the same, or will be waived by the parties entitled to waive the same on or before the earlier of (y) August 15, 2013 in the case of Material Debt Agreements (as defined below) or (z) September 30, 2013 in the case of any agreement or instrument governing Indebtedness of the Tech Data Parties (other than Material Debt Agreements).

The following agreements shall constitute the “Material Debt Agreements”: (i) the Fourth Amended and Restated Participation Agreement, dated as of June 27, 2013, among the Tech Data, as lessee, SunTrust Bank, as lessor, SunTrust Equity Funding, LLC, as agent, and the Lenders party thereto from time to time, (ii) the Fourth Amended and Restated Lease Agreement, dated as of June 27, 2013, between SunTrust Bank, as lessor and the Tech Data, as lessee, (iii) the Credit Agreement, dated as of September 27, 2011, among Tech Data, the Lenders party thereto, the Guarantors party thereto and Bank of America, N.A., as Administrative Agent, (iv) ISDA 2002 Master Agreement and the related Schedule thereto, each dated as of August 30, 2010 among Bank of America, N.A., Tech Data and the affiliates of Tech Data listed in Exhibit A to the Schedule thereto, (v) the ISDA Master Agreement and related Schedule thereto, each dated as of April 30, 2003 between Citibank, N.A. and Tech Data Global Finance L.P. and (vi) the ISDA 2002 Master Agreement and related Schedule thereto, each dated as of December 14, 2011 among JPMorgan Chase Bank, N.A. and Tech Data Europe GMBH and the affiliates listed in Exhibit A to the Schedule thereto.

(c)    The amendments herein do not modify or affect the Tech Data Parties’ obligations to comply fully with (i) the terms of the Transfer and Administration Agreement (including, without limitation, Sections 3.1, 3.2, 3.3, 3.4, 5.1, 5.2, 5.3 and 7.1) for any future periods with respect to the Waived Matters, or any other duty, term, condition or covenant contained in the Transfer and Administration Agreement or any other Transaction Document, except as expressly set forth herein, (ii) the terms of Section 5.5 for any past period (including the periods covered by the Prior Financial Statements and the 2013 Financial Statements, each as defined in the Limited Waiver, as amended hereby) or any subsequent period, or (iii) the obligations of any Tech Data Party to comply with the terms of any other Indebtedness, it being understood that no Termination Event under Section 7.1(f) is being waived hereunder, except to the extent the amendments set forth herein modify the waivers granted under Section 1(b)(v) of the Limited Waiver.  Except as expressly set forth herein, nothing contained in this Agreement shall be deemed to constitute a waiver of any other rights or remedies the Administrative Agent or any other Waiving Party may have under the Transfer and Administration Agreement or any other Transaction Document or under applicable law.

(d)    The Transferor represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Transferor set forth in Section 3.1 of the Transfer and Administration Agreement and in each other Transaction Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(e)    The Collection Agent represents and warrants to the Waiving Parties that (i) except with respect to the Waived Matters, the representations and warranties of the Collection Agent set forth in Section 3.3 of the Transfer and Administration Agreement and in each other Transaction Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they were true and correct as of such earlier date and (ii) except with respect to the Waived Matters, no event has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.

(f)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(g)    The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning thereof.

(h)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

TECH DATA FINANCE SPV, INC.,
  as Transferor

By: /s/ CHARLES V. DANNEWITZ                 
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer

TECH DATA CORPORATION,
  as Collection Agent

By: /s/ CHARLES V. DANNEWITZ                 
   Name:  Charles V. Dannewitz
   Title:    Senior Vice President & Treasurer
LIBERTY STREET FUNDING CORP.

By: /s/ JILL A. RUSSO                            
    Name:  Jill A. Russo
    Title:  Vice President  

THE BANK OF NOVA SCOTIA, as Liberty
Agent and as a Liberty Bank Investor

By:      /s/ DIANE EMANUEL            
Name: Diane Emanuel 
       Title:   Managing Director
CHARIOT FUNDING LLC

By:    JPMorgan Chase Bank, N.A., its attorney-in-fact

By:       /s/ JOHN KUHNS                   
Name:  John Kuhns
       Title:    Executive Director 

JPMORGAN CHASE BANK, N.A, as Falcon Agent 
and as a Falcon Bank Investor

By:         /s/ JOHN KUHNS                   
       Name:  John Kuhns
       Title:    Executive Director 
BANK OF AMERICA, NATIONAL ASSOCIATION, as
Administrative Agent and as a SUSI Issuer Bank Investor

By:          /s/ STEVEN MAYSONET                 
       Name: Steven Maysonet
     Title:   Vice President

EXHIBIT A

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